Gold (xauusd) indicating a bullish trend on the 2-hour timeframe
Based on the provided chart:
### Key Observations:
1. **Trend**: The price is trading within an upward-sloping channel, indicating a bullish trend on the 2-hour timeframe.
2. **Structure**:
- BOS (Break of Structure) and ChoCh (Change of Character) annotations highlight the market respecting structure levels while maintaining its upward trajectory.
- Recent formations suggest a continuation of the bullish trend after a corrective phase.
3. **Cup Formation**: A rounded bottom ("cup") pattern is visible, often interpreted as a bullish continuation signal. The breakout above the rim of the cup suggests potential further upside movement.
4. **Targets**:
- Immediate resistance lies near the upper boundary of the channel (around 2,700–2,710).
- A breakout above the channel may lead to more significant gains.
### Potential Trade Scenarios:
1. **Bullish Scenario**:
- Enter on a confirmed breakout of the rounded bottom pattern.
- First target: 2,700 (upper channel boundary).
- Second target: 2,730 (extension beyond the channel).
2. **Bearish Scenario**:
- If the price rejects the upper channel boundary or fails to maintain momentum, expect a pullback toward the midline of the channel, around 2,660–2,670.
- In case of a breakdown, key support lies near 2,640–2,650.
### Additional Notes:
- Monitor volume on any breakout or rejection for confirmation.
- Keep an eye on key economic events or news that might influence gold prices, as these can affect momentum.
### Key Observations:
1. **Trend**: The price is trading within an upward-sloping channel, indicating a bullish trend on the 2-hour timeframe.
2. **Structure**:
- BOS (Break of Structure) and ChoCh (Change of Character) annotations highlight the market respecting structure levels while maintaining its upward trajectory.
- Recent formations suggest a continuation of the bullish trend after a corrective phase.
3. **Cup Formation**: A rounded bottom ("cup") pattern is visible, often interpreted as a bullish continuation signal. The breakout above the rim of the cup suggests potential further upside movement.
4. **Targets**:
- Immediate resistance lies near the upper boundary of the channel (around 2,700–2,710).
- A breakout above the channel may lead to more significant gains.
### Potential Trade Scenarios:
1. **Bullish Scenario**:
- Enter on a confirmed breakout of the rounded bottom pattern.
- First target: 2,700 (upper channel boundary).
- Second target: 2,730 (extension beyond the channel).
2. **Bearish Scenario**:
- If the price rejects the upper channel boundary or fails to maintain momentum, expect a pullback toward the midline of the channel, around 2,660–2,670.
- In case of a breakdown, key support lies near 2,640–2,650.
### Additional Notes:
- Monitor volume on any breakout or rejection for confirmation.
- Keep an eye on key economic events or news that might influence gold prices, as these can affect momentum.
Trade active
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.