Here's a breakdown of the trading idea presented in the chart:
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🟡 XAU/USD – Bullish Reversal Setup (1H Chart)
📊 Technical Overview:
Instrument: Gold Spot (XAU/USD)
Timeframe: 1-Hour
Current Price: ~$3,330
Target Price: $3,386.96
Potential Upside: +63.29 pts (+1.90%)
---
🔍 Key Technical Elements:
1. Falling Wedge Breakout:
Price action shows a falling wedge (a bullish reversal pattern).
A breakout occurred, confirmed with strong bullish candles and increased volume.
2. Support Zone:
Price rebounded from a strong support level around $3,305–$3,310.
Marked by a green arrow, suggesting buyer interest.
3. Resistance Turned Support:
The previous resistance at ~$3,330 is now acting as new support.
Retest of this level could confirm continuation.
4. Next Resistance Zones:
Minor resistance: ~$3,350
Main resistance / Target: $3,386.96
5. EMA Confluence:
50 EMA (~$3,338.78) is being tested.
200 EMA (~$3,359.61) aligns with next resistance — possible area of consolidation or pullback.
6. RSI Indicator:
RSI is near 50, suggesting neutral momentum but with room for further upside.
---
📈 Trade Idea:
Bias: Bullish
Entry Zone: On pullback near $3,330 (confirmed support)
Target: $3,386.96
Stop Loss: Below $3,310 (under wedge breakout)
Risk-Reward: Favorable (>2:1 if managed properly)
---
📝 Conclusion:
This is a bullish reversal setup with confirmation from price action, RSI stabilization, and a breakout from a falling wedge. A successful retest of the $3,330 support could offer a good long opportunity toward $3,387.
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---
🟡 XAU/USD – Bullish Reversal Setup (1H Chart)
📊 Technical Overview:
Instrument: Gold Spot (XAU/USD)
Timeframe: 1-Hour
Current Price: ~$3,330
Target Price: $3,386.96
Potential Upside: +63.29 pts (+1.90%)
---
🔍 Key Technical Elements:
1. Falling Wedge Breakout:
Price action shows a falling wedge (a bullish reversal pattern).
A breakout occurred, confirmed with strong bullish candles and increased volume.
2. Support Zone:
Price rebounded from a strong support level around $3,305–$3,310.
Marked by a green arrow, suggesting buyer interest.
3. Resistance Turned Support:
The previous resistance at ~$3,330 is now acting as new support.
Retest of this level could confirm continuation.
4. Next Resistance Zones:
Minor resistance: ~$3,350
Main resistance / Target: $3,386.96
5. EMA Confluence:
50 EMA (~$3,338.78) is being tested.
200 EMA (~$3,359.61) aligns with next resistance — possible area of consolidation or pullback.
6. RSI Indicator:
RSI is near 50, suggesting neutral momentum but with room for further upside.
---
📈 Trade Idea:
Bias: Bullish
Entry Zone: On pullback near $3,330 (confirmed support)
Target: $3,386.96
Stop Loss: Below $3,310 (under wedge breakout)
Risk-Reward: Favorable (>2:1 if managed properly)
---
📝 Conclusion:
This is a bullish reversal setup with confirmation from price action, RSI stabilization, and a breakout from a falling wedge. A successful retest of the $3,330 support could offer a good long opportunity toward $3,387.
Feedback My idea like and comment's 🙏
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Join My Official Channel Link
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Join My Public Channel Link
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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.