Gold (XAU/USD) Technical Analysis: Double Top Rejection & Potent
This chart is a 1-hour (H1) Gold (XAU/USD)
Key Observations:
Double Top Formation (Bearish Reversal):
Two peaks at the same resistance level (marked with circles at the top).
Strong rejection from this resistance, leading to a downward move.
This suggests the price failed to break above resistance, leading to a decline.
Support Zone (Double Bottom Formation) (Bullish Reversal Possibility):
Price touched the same support level twice (marked at the bottom).
A possible W-shaped pattern (double bottom) forming.
This indicates buyers are defending the level and may push the price higher.
Final Conclusion:
The chart suggests a potential bullish move from support.
Watch for a breakout of the box range to confirm the direction.
Key levels to monitor: $2,925 (Support) and $2,950 (Resistance).
Key Observations:
Double Top Formation (Bearish Reversal):
Two peaks at the same resistance level (marked with circles at the top).
Strong rejection from this resistance, leading to a downward move.
This suggests the price failed to break above resistance, leading to a decline.
Support Zone (Double Bottom Formation) (Bullish Reversal Possibility):
Price touched the same support level twice (marked at the bottom).
A possible W-shaped pattern (double bottom) forming.
This indicates buyers are defending the level and may push the price higher.
Final Conclusion:
The chart suggests a potential bullish move from support.
Watch for a breakout of the box range to confirm the direction.
Key levels to monitor: $2,925 (Support) and $2,950 (Resistance).
Trade closed: stop 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.
Related publications
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.