1. Instrument & Timeframe:
This is a Gold Spot (XAU/USD) chart on the 4-hour timeframe.
2. Key Price Levels:
Current price is around 2,907 USD.
Target level (green area) is around 2,980 USD.
Stop-loss level (red area) is around 2,881 USD.
3. Support & Resistance Zones:
There are two major highlighted zones:
Resistance Zone near 2,960 USD - 2,980 USD.
Support Zone near 2,860 USD - 2,880 USD.
4. Chart Pattern:
The chart shows multiple touchpoints at both support and resistance, indicating a potential range-bound market.
Orange circles mark key swing highs and lows, showing areas where price has reversed before.
5. Trade Setup:
This seems to be a long trade setup (buy position), with an entry near the current price (~2,903).
Target is just below the resistance zone, which aligns with past price action.
Stop-loss is set below the support zone, giving the trade room to develop.
6. Overall Analysis:
The trader expects price to bounce from the current level and retest the upper resistance zone, aiming for around 2,980 USD.
trade with owen risk
Follow me for more updates and please support us with boost and comment if you like our work, if you have any question then ask me in comment section thanks
This is a Gold Spot (XAU/USD) chart on the 4-hour timeframe.
2. Key Price Levels:
Current price is around 2,907 USD.
Target level (green area) is around 2,980 USD.
Stop-loss level (red area) is around 2,881 USD.
3. Support & Resistance Zones:
There are two major highlighted zones:
Resistance Zone near 2,960 USD - 2,980 USD.
Support Zone near 2,860 USD - 2,880 USD.
4. Chart Pattern:
The chart shows multiple touchpoints at both support and resistance, indicating a potential range-bound market.
Orange circles mark key swing highs and lows, showing areas where price has reversed before.
5. Trade Setup:
This seems to be a long trade setup (buy position), with an entry near the current price (~2,903).
Target is just below the resistance zone, which aligns with past price action.
Stop-loss is set below the support zone, giving the trade room to develop.
6. Overall Analysis:
The trader expects price to bounce from the current level and retest the upper resistance zone, aiming for around 2,980 USD.
trade with owen risk
Follow me for more updates and please support us with boost and comment if you like our work, if you have any question then ask me in comment section thanks
Trade active
Trade closed manually
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.