Gold Spot / U.S. Dollar (XAU/USD) on a 1-hour (1H) timeframe.
Chart Details:
Exchange/Data Source: PYTH
Current Price: Around 2,916.110
Recent Price Movement:
The chart shows a bounce from a lower support level, reaching the 2,916 area.
Price is currently near a resistance zone.
Key Levels:
Resistance Zone: 2,922.617 - 2,928.000
Support Zone: 2,897.917 - 2,904.000
Expected Price Action:
The chart suggests a bearish structure, as price is struggling to break above the resistance zone.
The zig-zag arrows indicate a possible rejection from the current level, leading to a drop towards the 2,897 support area.
Trading Idea:
Potential Sell Entry: Around 2,915 - 2,916
First Target: 2,904
Final Target: 2,897
Invalidation Level (Stop-Loss): Above 2,922
This analysis indicates a possible shorting opportunity, but confirmation with additional indicators is advised before taking a trade!
Chart Details:
Exchange/Data Source: PYTH
Current Price: Around 2,916.110
Recent Price Movement:
The chart shows a bounce from a lower support level, reaching the 2,916 area.
Price is currently near a resistance zone.
Key Levels:
Resistance Zone: 2,922.617 - 2,928.000
Support Zone: 2,897.917 - 2,904.000
Expected Price Action:
The chart suggests a bearish structure, as price is struggling to break above the resistance zone.
The zig-zag arrows indicate a possible rejection from the current level, leading to a drop towards the 2,897 support area.
Trading Idea:
Potential Sell Entry: Around 2,915 - 2,916
First Target: 2,904
Final Target: 2,897
Invalidation Level (Stop-Loss): Above 2,922
This analysis indicates a possible shorting opportunity, but confirmation with additional indicators is advised before taking a trade!
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.