This chart shows a bullish setup for XAU/USD (Gold vs USD) on the 1-hour timeframe. Here’s a breakdown of the key technical components:
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📉 Current Trend:
Descending channel (falling wedge) visible since the recent high around 3,452.
Price is currently testing the lower bound of the channel, which often acts as support in a bullish reversal setup.
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📌 Key Levels:
Current Price: 3,348.370
Support / Stop Loss: 3,324.561
Mid-Term Resistance / TP1: 3,402.219
Major Resistance / TP2: 3,452.533
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📈 Trade Setup (Bullish Reversal):
Buy Zone: Around current price (3,348), ideally on bullish confirmation (e.g., breakout of the channel).
Take Profits:
TP1: 3,402 (near channel breakout + prior structure).
TP2: 3,452 (recent swing high).
Stop Loss: Below 3,324 (structure low and invalidation zone).
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🔍 Conclusion:
This chart suggests a potential long entry if XAU/USD breaks above the descending channel. Confirmation above 3,360–3,370 with volume would strengthen the bullish case. Ideal RR setup if managed with tight SL and staggered TP.
Let me know if you want a trade plan or risk-reward calculation based on lot size or capital.
---
📉 Current Trend:
Descending channel (falling wedge) visible since the recent high around 3,452.
Price is currently testing the lower bound of the channel, which often acts as support in a bullish reversal setup.
---
📌 Key Levels:
Current Price: 3,348.370
Support / Stop Loss: 3,324.561
Mid-Term Resistance / TP1: 3,402.219
Major Resistance / TP2: 3,452.533
---
📈 Trade Setup (Bullish Reversal):
Buy Zone: Around current price (3,348), ideally on bullish confirmation (e.g., breakout of the channel).
Take Profits:
TP1: 3,402 (near channel breakout + prior structure).
TP2: 3,452 (recent swing high).
Stop Loss: Below 3,324 (structure low and invalidation zone).
---
🔍 Conclusion:
This chart suggests a potential long entry if XAU/USD breaks above the descending channel. Confirmation above 3,360–3,370 with volume would strengthen the bullish case. Ideal RR setup if managed with tight SL and staggered TP.
Let me know if you want a trade plan or risk-reward calculation based on lot size or capital.
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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.
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.