Gold Spot (XAU/USD) Technical Analysis: Harmonic Pattern and Key
This analysis highlights a harmonic pattern forming on Gold Spot (XAU/USD) in the 4-hour timeframe, along with critical support and resistance levels that may guide future price action.
Key Levels:
Support Zone: 2638–2630
This area represents a strong support zone where price may find buying interest if a pullback occurs.
A break below this range could lead to further bearish momentum.
Resistance Levels:
2675: First resistance level where the price could face selling pressure.
2695: A key level in alignment with the harmonic pattern's potential completion.
2710: Final target zone, representing a full extension of the pattern and a critical resistance area.
Harmonic Pattern:
A potential Bearish Gartley pattern is forming, with the final point (D) expected near the 2695–2710 zone.
This pattern suggests a possible reversal from the completion zone, depending on price action and confirmation signals.
Scenarios:
Bullish Scenario:
If the price holds above the 2638–2630 support zone, it may continue its upward move toward the resistance levels at 2675 and 2695.
A breakout above 2695 could lead to further gains, targeting 2710.
Bearish Scenario:
Failure to break above the 2695–2710 zone (completion of the Gartley pattern) may result in a reversal toward the support zone at 2638–2630.
A break below 2630 could trigger additional downside momentum.
Conclusion:
Gold is approaching a critical area defined by the harmonic Gartley pattern. The 2638–2630 support and 2695–2710 resistance levels are key zones to watch for potential price reactions. Traders should look for confirmation signals, such as candlestick patterns or momentum shifts, to identify the next move.
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Key Levels:
Support Zone: 2638–2630
This area represents a strong support zone where price may find buying interest if a pullback occurs.
A break below this range could lead to further bearish momentum.
Resistance Levels:
2675: First resistance level where the price could face selling pressure.
2695: A key level in alignment with the harmonic pattern's potential completion.
2710: Final target zone, representing a full extension of the pattern and a critical resistance area.
Harmonic Pattern:
A potential Bearish Gartley pattern is forming, with the final point (D) expected near the 2695–2710 zone.
This pattern suggests a possible reversal from the completion zone, depending on price action and confirmation signals.
Scenarios:
Bullish Scenario:
If the price holds above the 2638–2630 support zone, it may continue its upward move toward the resistance levels at 2675 and 2695.
A breakout above 2695 could lead to further gains, targeting 2710.
Bearish Scenario:
Failure to break above the 2695–2710 zone (completion of the Gartley pattern) may result in a reversal toward the support zone at 2638–2630.
A break below 2630 could trigger additional downside momentum.
Conclusion:
Gold is approaching a critical area defined by the harmonic Gartley pattern. The 2638–2630 support and 2695–2710 resistance levels are key zones to watch for potential price reactions. Traders should look for confirmation signals, such as candlestick patterns or momentum shifts, to identify the next move.
Feel free to share your thoughts and follow me for more professional analyses!
Note
As long as we do not see a 4-hour candle close below $2,630, the analysis and expectation for further growth remain valid.Trade active
Note
Trade closed: target 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.