This chart shows the Gold Spot price (XAU/USD) on the 1-hour timeframe, with a clear technical analysis pattern identified.
Key Observations:
1. Resistance Zone (Purple Box):
Multiple red arrows indicate repeated rejections around the $3,250 level, confirming a strong resistance zone.
Price has failed to break above this zone multiple times.
2. Ascending Triangle Pattern:
The black ascending trendline connects higher lows (green arrows), showing bullish pressure.
The price is squeezing toward the resistance level, forming an ascending triangle, a pattern that often precedes a breakout (either up or down).
3. Bearish Breakdown Indication
Key Observations:
1. Resistance Zone (Purple Box):
Multiple red arrows indicate repeated rejections around the $3,250 level, confirming a strong resistance zone.
Price has failed to break above this zone multiple times.
2. Ascending Triangle Pattern:
The black ascending trendline connects higher lows (green arrows), showing bullish pressure.
The price is squeezing toward the resistance level, forming an ascending triangle, a pattern that often precedes a breakout (either up or down).
3. Bearish Breakdown Indication
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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.