Gold (XAU/USD) Faces Resistance at $2,950 – Potential Reversal A
This is a 1-hour chart of CFDs on Gold (XAU/USD)
1. Consolidation Zone (Highlighted in Yellow)
The price was consolidating in a range before breaking out upwards.
This period represents market indecision before a breakout.
2. Breakout & Bearish Flag Formation
The price broke out of the consolidation zone and moved higher.
A bearish flag pattern (drawn in blue) is forming, which is a continuation pattern that often leads to a downside move.
The flag consists of an upward-sloping channel, indicating a temporary retracement before a potential drop.
3. Potential Price Movement
If the bearish flag confirms with a breakdown, the price may fall back into the consolidation range or lower.
The expected target is typically the length of the previous downward move (flagpole) projected downward from the breakout point.
1. Consolidation Zone (Highlighted in Yellow)
The price was consolidating in a range before breaking out upwards.
This period represents market indecision before a breakout.
2. Breakout & Bearish Flag Formation
The price broke out of the consolidation zone and moved higher.
A bearish flag pattern (drawn in blue) is forming, which is a continuation pattern that often leads to a downside move.
The flag consists of an upward-sloping channel, indicating a temporary retracement before a potential drop.
3. Potential Price Movement
If the bearish flag confirms with a breakdown, the price may fall back into the consolidation range or lower.
The expected target is typically the length of the previous downward move (flagpole) projected downward from the breakout point.
Trade closed: target reached
🎉🎯 Target Hit! Another Successful Analysis! 🎯🎉
Big shoutout to my amazing followers! 🚀 Our recent XAUUSD (Gold) analysis played out exactly as expected, respecting the key resistance zone and delivering a beautiful reaction. 📉🔥
This is why we trust our technicals and stay patient! 💡💰 If you caught this move, drop a 🔥 in the comments! More setups coming soon—let’s keep winning together!
#XAUUSD #GoldTrading #ForexQueen #TechnicalAnalysis #TradingView #ForexCommunity
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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.