Chart Analysis for Gold (XAU/USD) – April 08, 2025 – 1-Hour Timeframe
Key Observations:
1. Trend and Price Action:
- The price of Gold (XAU/USD) has been trading in a descending channel, marked by blue trendlines, indicating a bearish structure. The recent price movement shows a breakdown from an upper resistance zone near 3,138.95, followed by a move toward a support level at 2,960.36.
2. Resistance Levels:
- The resistance level at 3,138.95 is significant, where the price faced a rejection previously. This level forms part of the descending trendline that marks the overall downtrend.
- Additionally, the price tested another resistance zone at 3,038.41 but failed to sustain higher levels, continuing its downward movement. This reinforces the idea that the market is in a bearish phase.
3. Support Levels:
- 2,960.36 has been identified as a support level. This could act as a critical point where buyers may step in, potentially leading to a reversal or consolidation.
- A strong break below this level would likely confirm continued bearishness and lead to further downward price movement, possibly toward 2,975.13.
4. Order Block:- An order block is identified between 2,975.13 and 2,960.36. This zone is critical as it represents an area where market liquidity and buyers/sellers could emerge. It is common for prices to retest order blocks after breaking through key support or resistance.
5. Potential Price Action:
- After testing the order block and support levels, the price might form a consolidation phase or even show signs of rejection from the support zone at 2,960.36. A bullish reversal or breakout could lead the price higher towards 3,024.35.
6. Target Levels:
- The target for this trade is 3,024.35, as marked on the chart. This is likely a retracement target that the price could move towards if the support level at 2,960.36 holds, suggesting that the bearish trend could reverse into a short-term bullish movement.
- 3,138.95 remains a key resistance level, and if price breaks this level, it could confirm a strong upward continuation.
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Potential Scenarios:
1. Bearish Continuation (Break Below Support):
Key Observations:
1. Trend and Price Action:
- The price of Gold (XAU/USD) has been trading in a descending channel, marked by blue trendlines, indicating a bearish structure. The recent price movement shows a breakdown from an upper resistance zone near 3,138.95, followed by a move toward a support level at 2,960.36.
2. Resistance Levels:
- The resistance level at 3,138.95 is significant, where the price faced a rejection previously. This level forms part of the descending trendline that marks the overall downtrend.
- Additionally, the price tested another resistance zone at 3,038.41 but failed to sustain higher levels, continuing its downward movement. This reinforces the idea that the market is in a bearish phase.
3. Support Levels:
- 2,960.36 has been identified as a support level. This could act as a critical point where buyers may step in, potentially leading to a reversal or consolidation.
- A strong break below this level would likely confirm continued bearishness and lead to further downward price movement, possibly toward 2,975.13.
4. Order Block:- An order block is identified between 2,975.13 and 2,960.36. This zone is critical as it represents an area where market liquidity and buyers/sellers could emerge. It is common for prices to retest order blocks after breaking through key support or resistance.
5. Potential Price Action:
- After testing the order block and support levels, the price might form a consolidation phase or even show signs of rejection from the support zone at 2,960.36. A bullish reversal or breakout could lead the price higher towards 3,024.35.
6. Target Levels:
- The target for this trade is 3,024.35, as marked on the chart. This is likely a retracement target that the price could move towards if the support level at 2,960.36 holds, suggesting that the bearish trend could reverse into a short-term bullish movement.
- 3,138.95 remains a key resistance level, and if price breaks this level, it could confirm a strong upward continuation.
---
Potential Scenarios:
1. Bearish Continuation (Break Below Support):
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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.
👉Free Telegram Channel Link 👇
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
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.