This chart represents the price action of Gold Spot against the U.S. Dollar (XAU/USD) on the 2-hour timeframe. Here's a breakdown of the technical analysis presented:
Key Observations:
1. Rising Channel Breakout:
The price had been moving within an ascending channel (marked by the upward blue trendline).
Recently, it broke out of this rising channel to the upside, indicating a bullish momentum spike.
2. Support/Resistance Levels:
$3,400.219 and $3,375.295 are horizontal support levels.
$3,304.606 is a lower key support zone from earlier in the trend.
3. Price Action Expectation (based on arrows):
After the breakout, the chart suggests a possible short-term pullback to the $3,400 or $3,375 area (marked by black and green arrows).
If the pullback holds one of these levels, a continuation of the bullish trend is expected.
However, a break below $3,375 could signal a potential reversal or deeper correction, with a likely target near $3,304.
Interpretation:
Bullish Bias above $3,375: Buy dips strategy.
Bearish Risk below $3,375: Potential for a drop toward $3,304.
Let me know if you want a trading strategy based on this setup or further technical indicators added (RSI, MACD, volume analysis, etc.).
Key Observations:
1. Rising Channel Breakout:
The price had been moving within an ascending channel (marked by the upward blue trendline).
Recently, it broke out of this rising channel to the upside, indicating a bullish momentum spike.
2. Support/Resistance Levels:
$3,400.219 and $3,375.295 are horizontal support levels.
$3,304.606 is a lower key support zone from earlier in the trend.
3. Price Action Expectation (based on arrows):
After the breakout, the chart suggests a possible short-term pullback to the $3,400 or $3,375 area (marked by black and green arrows).
If the pullback holds one of these levels, a continuation of the bullish trend is expected.
However, a break below $3,375 could signal a potential reversal or deeper correction, with a likely target near $3,304.
Interpretation:
Bullish Bias above $3,375: Buy dips strategy.
Bearish Risk below $3,375: Potential for a drop toward $3,304.
Let me know if you want a trading strategy based on this setup or further technical indicators added (RSI, MACD, volume analysis, etc.).
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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.