Here's a breakdown of the key components:
Technical Breakdown:
1. Highlighted Zone (Green Box):
This appears to be a consolidation or demand zone, where price has consistently found support.
Price is currently approaching the lower edge of the green zone, which has previously acted as a strong support level.
2. Price Action:
A projected path is drawn showing a potential reversal from the current level (around 3,226) back up toward the top of the range (~3,368 - 3,375).
This suggests a buy opportunity at or near current price levels.
3. Support and Resistance:
Support: ~3,182–3,208 (marked red area) – historically, price has bounced from this level.
Resistance: ~3,368–3,375 – upper boundary of the green zone and previous swing highs.
4. Bias:
The annotation "XAUUSD BUY" confirms the bullish outlook.
The price pattern may be setting up for a double bottom or bullish reversal pattern at the lower support area.
---
Conclusion:
This chart suggests a buy setup for XAUUSD with entry near the current level (~3,226), targeting the top of the green zone (~3,368), and stop-loss likely just below the red support zone (~3,182).
Technical Breakdown:
1. Highlighted Zone (Green Box):
This appears to be a consolidation or demand zone, where price has consistently found support.
Price is currently approaching the lower edge of the green zone, which has previously acted as a strong support level.
2. Price Action:
A projected path is drawn showing a potential reversal from the current level (around 3,226) back up toward the top of the range (~3,368 - 3,375).
This suggests a buy opportunity at or near current price levels.
3. Support and Resistance:
Support: ~3,182–3,208 (marked red area) – historically, price has bounced from this level.
Resistance: ~3,368–3,375 – upper boundary of the green zone and previous swing highs.
4. Bias:
The annotation "XAUUSD BUY" confirms the bullish outlook.
The price pattern may be setting up for a double bottom or bullish reversal pattern at the lower support area.
---
Conclusion:
This chart suggests a buy setup for XAUUSD with entry near the current level (~3,226), targeting the top of the green zone (~3,368), and stop-loss likely just below the red support zone (~3,182).
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.
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.