technical analysis idea for Gold Spot (XAU/USD) on a 1-hour timeframe, highlighting a bullish breakout scenario. Here’s a detailed breakdown of the analysis:
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🔍 Key Components of the Chart
1. Trend Line Breakout
A descending trend line is clearly drawn connecting recent lower highs.
A bullish breakout above this trend line is shown with strong momentum, which is the central focus of this trading idea.
This suggests a potential trend reversal or continuation of a larger bullish move.
2. Support Level
A key support zone around the 3,280 - 3,290 range has been respected multiple times.
Price rebounded from this zone, forming a double-bottom-like structure, giving further bullish confluence.
3. Breakout Zone
The shaded region just above the trend line represents the breakout zone.
Price broke out of this zone aggressively, suggesting strong buying pressure and high probability of follow-through.
4. EMA Confluence
50 EMA (red) and 200 EMA (blue) are shown.
The breakout occurs with price crossing and staying above both EMAs, which supports a bullish bias.
A golden cross setup is either forming or has formed recently, adding further bullish sentiment.
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🎯 Target Points
Target Point 1: Around 3,349.508 – This is the first take-profit zone after the breakout.
Target Point 2: Around 3,366.430 – This is a more extended bullish target, possibly assuming price sustains momentum.
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📈 Price Action
The bullish candle following the breakout is large and full-bodied, indicating strong momentum.
Follow-up consolidation above the breakout zone would confirm it as new support, further validating the bullish idea.
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⚠️ Things to Watch
False Breakout Risk: Watch for a potential pullback back into the breakout zone.
Volume Confirmation: Though not shown, volume spikes on breakout would further confirm strength.
News Impact: Economic data could significantly affect gold price movement, especially near the US trading session.
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✅ Summary of Trade Idea
Bias: Bullish
Entry: On breakout or retest of breakout zone (~3,325-3,330)
Stop-Loss: Below support level or below 3,300 for tighter risk control
Take-Profits:
TP1: 3,349
TP2: 3,366
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🔍 Key Components of the Chart
1. Trend Line Breakout
A descending trend line is clearly drawn connecting recent lower highs.
A bullish breakout above this trend line is shown with strong momentum, which is the central focus of this trading idea.
This suggests a potential trend reversal or continuation of a larger bullish move.
2. Support Level
A key support zone around the 3,280 - 3,290 range has been respected multiple times.
Price rebounded from this zone, forming a double-bottom-like structure, giving further bullish confluence.
3. Breakout Zone
The shaded region just above the trend line represents the breakout zone.
Price broke out of this zone aggressively, suggesting strong buying pressure and high probability of follow-through.
4. EMA Confluence
50 EMA (red) and 200 EMA (blue) are shown.
The breakout occurs with price crossing and staying above both EMAs, which supports a bullish bias.
A golden cross setup is either forming or has formed recently, adding further bullish sentiment.
---
🎯 Target Points
Target Point 1: Around 3,349.508 – This is the first take-profit zone after the breakout.
Target Point 2: Around 3,366.430 – This is a more extended bullish target, possibly assuming price sustains momentum.
---
📈 Price Action
The bullish candle following the breakout is large and full-bodied, indicating strong momentum.
Follow-up consolidation above the breakout zone would confirm it as new support, further validating the bullish idea.
---
⚠️ Things to Watch
False Breakout Risk: Watch for a potential pullback back into the breakout zone.
Volume Confirmation: Though not shown, volume spikes on breakout would further confirm strength.
News Impact: Economic data could significantly affect gold price movement, especially near the US trading session.
---
✅ Summary of Trade Idea
Bias: Bullish
Entry: On breakout or retest of breakout zone (~3,325-3,330)
Stop-Loss: Below support level or below 3,300 for tighter risk control
Take-Profits:
TP1: 3,349
TP2: 3,366
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Trade active
Trade closed: target reached
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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.
Join My Official Channel Link
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Join My Public Channel Link
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Join My Public Channel Link
t.me/goldprotreader
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.