📊 Chart Overview:
Instrument: Gold Spot / U.S. Dollar (XAU/USD)
Timeframe: 1H (Heikin Ashi candles)
Indicators:
RSI (middle panel): Showing sideways movement with a slight bullish tilt.
MACD-like oscillator (bottom panel): Includes histogram, signal lines, and red/green dot markers, suggesting potential overbought/oversold conditions or momentum shifts.
🔍 Key Technical Features:
Harmonic Patterns & Fib Levels:
Multiple harmonic-like retracements (potential ABCD or Bat/Gartley structures).
Key Fibonacci retracements drawn: 0.5, 0.618, and 0.786 from multiple swing highs and lows.
Zones of confluence shown in orange rectangles, suggesting strong S/R levels.
Triangle Formation:
Price is nearing the apex of a symmetrical triangle.
Breakout or breakdown imminent — strong directional move likely soon.
Trade Setup (Bearish Bias):
Red zone indicates potential short entry area (~$3,323).
Target shown near $3,060, aligned with previous major support and measured move projections.
Risk appears defined just above triangle resistance, suggesting tight stop-loss above $3,323.
📉 Bearish Scenario Bias:
Breakdown from triangle could validate the short idea.
Large harmonic projections (1:2 extensions) point toward deeper corrective targets.
Bearish divergence may be forming (price making lower highs while oscillator rises).
📈 Bullish Invalidation:
Break and close above $3,323 and triangle resistance would invalidate the bear thesis and could imply resumption of uptrend toward $3,435–$3,500.
Instrument: Gold Spot / U.S. Dollar (XAU/USD)
Timeframe: 1H (Heikin Ashi candles)
Indicators:
RSI (middle panel): Showing sideways movement with a slight bullish tilt.
MACD-like oscillator (bottom panel): Includes histogram, signal lines, and red/green dot markers, suggesting potential overbought/oversold conditions or momentum shifts.
🔍 Key Technical Features:
Harmonic Patterns & Fib Levels:
Multiple harmonic-like retracements (potential ABCD or Bat/Gartley structures).
Key Fibonacci retracements drawn: 0.5, 0.618, and 0.786 from multiple swing highs and lows.
Zones of confluence shown in orange rectangles, suggesting strong S/R levels.
Triangle Formation:
Price is nearing the apex of a symmetrical triangle.
Breakout or breakdown imminent — strong directional move likely soon.
Trade Setup (Bearish Bias):
Red zone indicates potential short entry area (~$3,323).
Target shown near $3,060, aligned with previous major support and measured move projections.
Risk appears defined just above triangle resistance, suggesting tight stop-loss above $3,323.
📉 Bearish Scenario Bias:
Breakdown from triangle could validate the short idea.
Large harmonic projections (1:2 extensions) point toward deeper corrective targets.
Bearish divergence may be forming (price making lower highs while oscillator rises).
📈 Bullish Invalidation:
Break and close above $3,323 and triangle resistance would invalidate the bear thesis and could imply resumption of uptrend toward $3,435–$3,500.
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.