The chart you've provided is a 4-hour (4h) candlestick chart of XAU/USD (Gold vs. US Dollar) on the OANDA platform, with highlighted supply and demand zones.
Key Observations:
🔶 Zones:
Yellow Boxes:
Top box (~3,450–3,475): Supply zone – potential area of resistance or selling pressure.
Middle box (~3,385–3,400): A previous demand turned supply zone (price reacted here before declining).
Bottom box (~3,320–3,340): Demand zone – area of historical buying pressure.
📈 Current Price Action:
Current price: ~3,365.965.
A bullish engulfing pattern formed after a bounce from the demand zone.
A projected upward path is drawn, targeting a higher resistance level (likely aiming for the ~3,400–3,425 area).
📉 Support & Resistance:
Immediate resistance: Around 3,385–3,400 (previous supply zone).
Immediate support: Around 3,352–3,323 (demand area).
📊 Indicators:
No moving averages or RSI/volume shown.
Candlestick structure and price zones seem to be the main tools here.
US economic calendar icons (bottom) suggest upcoming economic events could affect volatility.
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Summary:
This chart appears to signal a potential bullish reversal from a strong demand zone, with an upside target near 3,400+.
Watch for price action near the middle resistance zone (~3,385–3,400) — if broken, a move toward 3,450+ is possible.
A break below 3,322 would invalidate the bullish setup and potentially lead to further downside.
If you’d like, I can help you build a trade plan based on this or analyze the fundamentals affecting XAU/USD.
Key Observations:
🔶 Zones:
Yellow Boxes:
Top box (~3,450–3,475): Supply zone – potential area of resistance or selling pressure.
Middle box (~3,385–3,400): A previous demand turned supply zone (price reacted here before declining).
Bottom box (~3,320–3,340): Demand zone – area of historical buying pressure.
📈 Current Price Action:
Current price: ~3,365.965.
A bullish engulfing pattern formed after a bounce from the demand zone.
A projected upward path is drawn, targeting a higher resistance level (likely aiming for the ~3,400–3,425 area).
📉 Support & Resistance:
Immediate resistance: Around 3,385–3,400 (previous supply zone).
Immediate support: Around 3,352–3,323 (demand area).
📊 Indicators:
No moving averages or RSI/volume shown.
Candlestick structure and price zones seem to be the main tools here.
US economic calendar icons (bottom) suggest upcoming economic events could affect volatility.
---
Summary:
This chart appears to signal a potential bullish reversal from a strong demand zone, with an upside target near 3,400+.
Watch for price action near the middle resistance zone (~3,385–3,400) — if broken, a move toward 3,450+ is possible.
A break below 3,322 would invalidate the bullish setup and potentially lead to further downside.
If you’d like, I can help you build a trade plan based on this or analyze the fundamentals affecting XAU/USD.
t.me/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
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.
t.me/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
Join my telegram for free signals link in below
t.me/goldsignalsclub3
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.