This chart represents a technical analysis of XAU/USD (Gold vs. US Dollar) on the 1-hour timeframe. It highlights key levels of support and resistance, trend channels, and potential price movements.
Key Observations:
1. Downtrend Channel (Blue and Red Shaded Zone)
The price was in a downtrend for a while, forming lower highs and lower lows.
Eventually, it broke out of the bearish channel and started moving up.
2. Resistance Level (~2936.674 - Yellow Zone)
This area is identified as a strong resistance where price has previously struggled.
Price is approaching this level, and a rejection is expected.
3. Current Price (~2890.905)
The price is near the intermediate resistance level (~2905.641).
The blue arrows suggest a potential small pullback before testing the strong resistance (~2936.674).
4. Bearish Scenario
If price fails to break 2936.674, a drop towards 2834.040 (red support zone) is possible.
The arrows show a possible lower high formation leading to a downtrend.
Trading Plan:
Sell Setup (Short Position)
If price rejects 2936.674, consider shorting with a target around 2834.040.
Confirmation: Bearish candlestick patterns at resistance.
Buy Setup (Long Position)
If price breaks above 2936.674, it could continue higher.
Confirmation: Strong breakout candle with volume.
Conclusion:
This chart suggests a strong resistance at 2936.674, and price might reject and fall if it fails to break this zone. However, if bulls push higher, an uptrend continuation is possible.
Would you like a more detailed breakdown or trade suggestions?
Key Observations:
1. Downtrend Channel (Blue and Red Shaded Zone)
The price was in a downtrend for a while, forming lower highs and lower lows.
Eventually, it broke out of the bearish channel and started moving up.
2. Resistance Level (~2936.674 - Yellow Zone)
This area is identified as a strong resistance where price has previously struggled.
Price is approaching this level, and a rejection is expected.
3. Current Price (~2890.905)
The price is near the intermediate resistance level (~2905.641).
The blue arrows suggest a potential small pullback before testing the strong resistance (~2936.674).
4. Bearish Scenario
If price fails to break 2936.674, a drop towards 2834.040 (red support zone) is possible.
The arrows show a possible lower high formation leading to a downtrend.
Trading Plan:
Sell Setup (Short Position)
If price rejects 2936.674, consider shorting with a target around 2834.040.
Confirmation: Bearish candlestick patterns at resistance.
Buy Setup (Long Position)
If price breaks above 2936.674, it could continue higher.
Confirmation: Strong breakout candle with volume.
Conclusion:
This chart suggests a strong resistance at 2936.674, and price might reject and fall if it fails to break this zone. However, if bulls push higher, an uptrend continuation is possible.
Would you like a more detailed breakdown or trade suggestions?
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✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.