Gold (XAU/USD) Technical Analysis: Bullish Momentum Facing Key
Analysis of the Gold (XAU/USD) Chart
Chart Type & Timeframe:
The chart appears to be a 30-minute timeframe of Gold Spot (XAU/USD).
It shows price action with support and resistance zones clearly marked.
Key Technical Levels:
Resistance Zones (Red Box):
The price is approaching a major resistance zone around $2,928–$2,930.
Fibonacci levels indicate retracement and extension zones, suggesting potential reversal or continuation points.
Support Zones (Red Box Support):
Strong support is around $2,905–$2,910.
Multiple price rejections suggest a demand zone.
Fibonacci Levels:
The chart includes Fibonacci extensions (1.618, 2.618, 3.618, etc.).
The 1.618 level ($2,926) is being tested, indicating potential resistance.
The next possible extension levels (above $2,930) could be targeted if resistance is broken.
Trend & Price Action:
The recent price action is bullish, shown by a strong uptrend.
A blue arrow projection suggests an expected upward continuation.
If the price fails to break above resistance, a pullback to support may occur.
Possible Trading Scenarios:
Bullish Case: If price breaks and holds above $2,930, it could move towards new highs.
Bearish Case: Rejection at resistance ($2,930) could lead to a retracement back to $2,915–$2,910.
Conclusion
Trend: Short-term bullish, but facing resistance.
Key Levels to Watch:
Breakout above $2,930 → Bullish continuation.
Rejection → Possible retracement to $2,910–$2,905.
Traders' Approach:
Look for confirmation before entering a trade.
Watch price action at support & resistance levels.
v
Chart Type & Timeframe:
The chart appears to be a 30-minute timeframe of Gold Spot (XAU/USD).
It shows price action with support and resistance zones clearly marked.
Key Technical Levels:
Resistance Zones (Red Box):
The price is approaching a major resistance zone around $2,928–$2,930.
Fibonacci levels indicate retracement and extension zones, suggesting potential reversal or continuation points.
Support Zones (Red Box Support):
Strong support is around $2,905–$2,910.
Multiple price rejections suggest a demand zone.
Fibonacci Levels:
The chart includes Fibonacci extensions (1.618, 2.618, 3.618, etc.).
The 1.618 level ($2,926) is being tested, indicating potential resistance.
The next possible extension levels (above $2,930) could be targeted if resistance is broken.
Trend & Price Action:
The recent price action is bullish, shown by a strong uptrend.
A blue arrow projection suggests an expected upward continuation.
If the price fails to break above resistance, a pullback to support may occur.
Possible Trading Scenarios:
Bullish Case: If price breaks and holds above $2,930, it could move towards new highs.
Bearish Case: Rejection at resistance ($2,930) could lead to a retracement back to $2,915–$2,910.
Conclusion
Trend: Short-term bullish, but facing resistance.
Key Levels to Watch:
Breakout above $2,930 → Bullish continuation.
Rejection → Possible retracement to $2,910–$2,905.
Traders' Approach:
Look for confirmation before entering a trade.
Watch price action at support & resistance levels.
v
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.
join telegram channel free..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
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.