Gold (XAU/USD) Analysis: Bearish Rejection at Resistance.
Chart Analysis: Gold Spot (XAU/USD) - 1H Timeframe
Key Levels Identified:
Supply Zone: Marked in red at the top, indicating a strong resistance area where selling pressure has been high.
Resistance at 2,930.16: The price has tested this level multiple times but failed to break above.
Support at 2,880.10: A key support level where price has previously reversed.
Price Action:
The price recently tested the resistance at 2,930.16 but failed to break above.
A bearish rejection from this level suggests sellers are in control.
There is a short-term downtrend expectation, as indicated by the blue downward arrow.
Trade Setup:
Entry Area: Around 2,908 (current price level).
Target 1 (TP1): 2,896.30 (minor support level).
Target 2 (TP2): 2,880.00 (stronger support level).
Stop Loss (SL): Likely placed above 2,935.27 to manage risk.
Conclusion:
The chart suggests a potential short (sell) trade, targeting lower support zones.
If price breaks below 2,896.30, it could head towards 2,880.10.
A breakout above 2,930.16 would invalidate the bearish setup and indicate bullish momentum.
Key Levels Identified:
Supply Zone: Marked in red at the top, indicating a strong resistance area where selling pressure has been high.
Resistance at 2,930.16: The price has tested this level multiple times but failed to break above.
Support at 2,880.10: A key support level where price has previously reversed.
Price Action:
The price recently tested the resistance at 2,930.16 but failed to break above.
A bearish rejection from this level suggests sellers are in control.
There is a short-term downtrend expectation, as indicated by the blue downward arrow.
Trade Setup:
Entry Area: Around 2,908 (current price level).
Target 1 (TP1): 2,896.30 (minor support level).
Target 2 (TP2): 2,880.00 (stronger support level).
Stop Loss (SL): Likely placed above 2,935.27 to manage risk.
Conclusion:
The chart suggests a potential short (sell) trade, targeting lower support zones.
If price breaks below 2,896.30, it could head towards 2,880.10.
A breakout above 2,930.16 would invalidate the bearish setup and indicate bullish momentum.
Trade closed: stop reached
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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.
join telegram channel free..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
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.