Gold (XAU/USD) Price Analysis: Bearish Flag or Bullish Breakout?
This chart represents the Gold Spot (XAU/USD) on a 1-hour timeframe
market 2903 to 2920 target
Analysis:
Trend Overview:
The price recently formed a strong uptrend, reaching a peak before pulling back.
A bearish flag pattern is identified, which typically signals a potential continuation to the downside.
However, the current retracement structure suggests a possible bullish move.
Price Action & Patterns:
The price made a higher high, followed by a pullback.
A bullish correction is in play, with a potential breakout towards $2,920+ if resistance breaks.
The support level near $2,893 holds importance for trend continuation.
Trade Setup:
Entry Zone: Around the $2,904-$2,905 region.
Stop-Loss: Below $2,872, aligning with the bearish flag breakdown.
Take-Profit Target: Near $2,920, where a previous rejection occurred.
Indicators & Confirmation:
If price holds above the support at $2,893, it could push higher.
A breakdown below $2,872 may confirm bearish momentum.
market 2903 to 2920 target
Analysis:
Trend Overview:
The price recently formed a strong uptrend, reaching a peak before pulling back.
A bearish flag pattern is identified, which typically signals a potential continuation to the downside.
However, the current retracement structure suggests a possible bullish move.
Price Action & Patterns:
The price made a higher high, followed by a pullback.
A bullish correction is in play, with a potential breakout towards $2,920+ if resistance breaks.
The support level near $2,893 holds importance for trend continuation.
Trade Setup:
Entry Zone: Around the $2,904-$2,905 region.
Stop-Loss: Below $2,872, aligning with the bearish flag breakdown.
Take-Profit Target: Near $2,920, where a previous rejection occurred.
Indicators & Confirmation:
If price holds above the support at $2,893, it could push higher.
A breakdown below $2,872 may confirm bearish momentum.
Trade closed: stop reached
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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.
Related publications
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.