This chart is a technical analysis of Gold (XAU/USD) on the 1-hour timeframe, predicting potential price movements. Here’s what it indicates:
1. Previous Uptrend:
Gold was moving inside an ascending channel (blue and red zone).
Price bounced from the support level around $2,950 and continued rising.
2. Key Resistance Zone:
The yellow highlighted area represents a strong resistance where the price is struggling to break higher.
A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.
3. Potential Downside Movement:
The orange circle suggests a possible reversal pattern.
If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.
The blue arrows show a potential bearish move if price rejects the resistance.
Conclusion:
If price breaks above resistance, gold might continue upwards.
If price fails to break, a correction towards $2,950 - $2,980 is likely.
This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!
1. Previous Uptrend:
Gold was moving inside an ascending channel (blue and red zone).
Price bounced from the support level around $2,950 and continued rising.
2. Key Resistance Zone:
The yellow highlighted area represents a strong resistance where the price is struggling to break higher.
A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.
3. Potential Downside Movement:
The orange circle suggests a possible reversal pattern.
If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.
The blue arrows show a potential bearish move if price rejects the resistance.
Conclusion:
If price breaks above resistance, gold might continue upwards.
If price fails to break, a correction towards $2,950 - $2,980 is likely.
This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!
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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.