This chart of XAU/USD (Gold vs US Dollar) on the 1-hour timeframe shows several technical elements:
1. Ascending Triangle Breakout:
A classic bullish pattern formed before the price breakout.
The breakout occurred above the horizontal resistance around 3,275, which is now acting as a support level.
2. Rising Channel:
After the breakout, price moved within a rising channel, indicating a controlled uptrend.
The price recently touched the upper boundary and appears to be reversing.
3. Bearish Pullback Indicated:
A red arrow suggests a potential correction back to the previous breakout level around 3,275.
This is supported by the bearish candlestick near the top of the channel.
4. Ichimoku Cloud:
Price is currently above the cloud, signaling ongoing bullish sentiment, but the cloud may offer support if price pulls back.
Summary:
The chart implies a short-term bearish correction toward the 3,275 support level after a bullish breakout. If this level holds, it may provide a new buying opportunity. A break below it could invalidate the bullish setup.
Let me know if you’d like analysis on different timeframes or trading ideas based on this setup.
1. Ascending Triangle Breakout:
A classic bullish pattern formed before the price breakout.
The breakout occurred above the horizontal resistance around 3,275, which is now acting as a support level.
2. Rising Channel:
After the breakout, price moved within a rising channel, indicating a controlled uptrend.
The price recently touched the upper boundary and appears to be reversing.
3. Bearish Pullback Indicated:
A red arrow suggests a potential correction back to the previous breakout level around 3,275.
This is supported by the bearish candlestick near the top of the channel.
4. Ichimoku Cloud:
Price is currently above the cloud, signaling ongoing bullish sentiment, but the cloud may offer support if price pulls back.
Summary:
The chart implies a short-term bearish correction toward the 3,275 support level after a bullish breakout. If this level holds, it may provide a new buying opportunity. A break below it could invalidate the bullish setup.
Let me know if you’d like analysis on different timeframes or trading ideas based on this setup.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.