The chart you've shared is a 1-hour technical analysis for Gold Spot (XAU/USD). Here's a breakdown of the setup and its implications:
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🔍 Chart Summary
Trend Context:
Price has formed a descending channel after peaking around 3,420–3,430.
A clear distribution phase is marked by red arrows near the highs.
Followed by a channel down, indicating bearish momentum.
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📉 Current Trade Setup
Entry Signal: Recent rejection near 3,374.868 (Stop Loss level).
Current Price: 3,347.260
Trade Bias: Sell (as indicated by the "SELL HOLD BRO" box).
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📊 Key Levels
Type Price Notes
Stop Loss 3,374.868 Above recent swing high
Take Profit 3,323.900 First TP, near previous support
Final TP 3,294.070 Extended target zone
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🔁 Pattern Insight
Bear Flag/Channel Breakdown: Price broke down from a descending channel – this supports a bearish continuation.
Support Levels: Zones at 3,324 and 3,294 are crucial; price might bounce or consolidate around these areas.
Volume & Reaction: Not visible on this chart, but confirmation via volume drop on pullbacks would strengthen the sell thesis.
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✅ Conclusion
This is a sell continuation setup:
✔ Breakdown confirmed.
🎯 TP zones marked.
🛑 Proper SL defined to protect capital.
> 📌 Caution: If price reclaims 3,375 with momentum, the bearish idea becomes invalid.
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🔍 Chart Summary
Trend Context:
Price has formed a descending channel after peaking around 3,420–3,430.
A clear distribution phase is marked by red arrows near the highs.
Followed by a channel down, indicating bearish momentum.
---
📉 Current Trade Setup
Entry Signal: Recent rejection near 3,374.868 (Stop Loss level).
Current Price: 3,347.260
Trade Bias: Sell (as indicated by the "SELL HOLD BRO" box).
---
📊 Key Levels
Type Price Notes
Stop Loss 3,374.868 Above recent swing high
Take Profit 3,323.900 First TP, near previous support
Final TP 3,294.070 Extended target zone
---
🔁 Pattern Insight
Bear Flag/Channel Breakdown: Price broke down from a descending channel – this supports a bearish continuation.
Support Levels: Zones at 3,324 and 3,294 are crucial; price might bounce or consolidate around these areas.
Volume & Reaction: Not visible on this chart, but confirmation via volume drop on pullbacks would strengthen the sell thesis.
---
✅ Conclusion
This is a sell continuation setup:
✔ Breakdown confirmed.
🎯 TP zones marked.
🛑 Proper SL defined to protect capital.
> 📌 Caution: If price reclaims 3,375 with momentum, the bearish idea becomes invalid.
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.
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.