This 1-hour chart for Gold Spot (XAU/USD) shows a recent bearish trend after a strong bullish movement. The price moved within a rising channel until peaking around April 22, after which it entered a descending channel. The Supertrend indicator (10,3) has shifted to bearish (red), suggesting selling pressure dominates currently. However, a potential short-term bullish reversal is indicated by the black arrow, showing that the price may bounce after testing a support level around 3,338 USD. Key resistance levels are around 3,414 and 3,431 USD, as highlighted
Explaination
Trend: The chart shows two phases: an upward trend (highlighted blue channel) and a downward trend (highlighted red channel).
Supertrend Indicator: Initially green (bullish) but now red (bearish), indicating sellers are stronger.
Price Levels:
Current Price: 3,338.065 USD
Resistance: 3,414.218 USD and 3,431.213 USD
Support: Close to 3,338 USD (being tested).
Prediction: The black arrow suggests a possible small dip and then a bounce upward, indicating a corrective move or potential trend reversal.
Market Sentiment: Bearish in the short term but watching for a reversal.
Explaination
Trend: The chart shows two phases: an upward trend (highlighted blue channel) and a downward trend (highlighted red channel).
Supertrend Indicator: Initially green (bullish) but now red (bearish), indicating sellers are stronger.
Price Levels:
Current Price: 3,338.065 USD
Resistance: 3,414.218 USD and 3,431.213 USD
Support: Close to 3,338 USD (being tested).
Prediction: The black arrow suggests a possible small dip and then a bounce upward, indicating a corrective move or potential trend reversal.
Market Sentiment: Bearish in the short term but watching for a reversal.
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Disclaimer
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🆓FREE FREE GOLD & CRYPTO SIGNALS✅
t.me/+v5m1fJKkyZkwOTFk
✅FOREX AND GOLD/XAUUSD SIGNALS 🔥
✅98% accurate signals
✅3-5 signals daily 🔥
✅Join us on telegram
t.me/+v5m1fJKkyZkwOTFk
t.me/+v5m1fJKkyZkwOTFk
✅FOREX AND GOLD/XAUUSD SIGNALS 🔥
✅98% accurate signals
✅3-5 signals daily 🔥
✅Join us on telegram
t.me/+v5m1fJKkyZkwOTFk
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.