XAUUAD UPDATE : 26-5-25This chart is a technical analysis of the gold price (CFDs on Gold in USD per ounce) on the 45-minute timeframe. Here's a breakdown of the key details:
Chart Pattern:
Ascending Channel: Price has been moving within a well-defined ascending channel, indicated by the two parallel blue lines.
Bearish Breakdown Setup: The price is currently near the upper boundary (resistance) of the channel and has started to decline, indicating a potential breakout to the downside.
Highlighted Zones:
Resistance Zone (Yellow near 3,422): This is where price has struggled to go higher, marked as the top of the channel.
Support Zone (Yellow near 3,163): Marked as the lower target, this is a previous area of strong buying interest.
Trade Setup:
Entry Zone: Around the current price of 3,334.627.
Stop Loss: Just above the resistance zone at 3,422.237.
Take Profit: Around 3,163.971, near the support zone.
Risk/Reward: The setup aims for a relatively high reward-to-risk ratio, suggesting a short (sell) trade with potential for substantial gain if the breakdown occurs.
Volume:
There’s a spike in volume on some downward candles, which may suggest increasing selling pressure.
Interpretation:
The chart indicates a potential bearish reversal after a prolonged uptrend within a rising channel. If the price breaks below the lower trendline of the channel, a move toward the 3,163 support zone is anticipated.
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