Chart Pattern: Ascending Channel / Rising WedgeChart Analysis Breakdown
:
Price Channel (Ascending):
A rising wedge or ascending channel is drawn, showing higher highs and higher lows.
The upper and lower white trendlines are converging slightly, suggesting a potential breakout or breakdown soon.
Key Support and Resistance Zones:
Orange Resistance Zone (Top Left): Marked as a supply zone where price previously reversed (around 3,420–3,430).
Orange Support Zone (Bottom Center): Around 3,320–3,330, possibly acting as demand or a retest area.
Price Levels (Right Scale):
Current price is around 3,386.36.
Several price markers are noted (green for potential bullish targets, red for bearish zones).
Projections/Scenarios (White Arrows):
Bullish Scenario: Price breaks above the upper channel line and targets levels like 3,423 or 3,440.
Bearish Scenario: Price fails at resistance, retraces back to the support zone, possibly to 3,360 or lower (near 3,320 zone).
EMA 50 (Blue Line):
An EMA (Exponential Moving Average) is lightly visible and used for trend confirmation. Price is currently above it, indicating bullish bias.
Other Chart Elements:
Time shown is UTC+3.
The local weather is 30°C and hazy.
Timestamp: June 13, 2025, at 1:35 AM.
📈 Interpretation:
The chart suggests a watch for breakout scenario in XAUUSD:
If price sustains above the rising channel, it could rally further.
If it breaks below, look for a retest of the 3,320–3,330 zone.
