Gold (xauusd) indicating a bullish trend on the 2-hour timeframe
Based on the provided chart:
### Key Observations:
1. **Trend**: The price is trading within an upward-sloping channel, indicating a bullish trend on the 2-hour timeframe.
2. **Structure**:
- BOS (Break of Structure) and ChoCh (Change of Character) annotations highlight the market respecting structure levels while maintaining its upward trajectory.
- Recent formations suggest a continuation of the bullish trend after a corrective phase.
3. **Cup Formation**: A rounded bottom ("cup") pattern is visible, often interpreted as a bullish continuation signal. The breakout above the rim of the cup suggests potential further upside movement.
4. **Targets**:
- Immediate resistance lies near the upper boundary of the channel (around 2,700–2,710).
- A breakout above the channel may lead to more significant gains.
### Potential Trade Scenarios:
1. **Bullish Scenario**:
- Enter on a confirmed breakout of the rounded bottom pattern.
- First target: 2,700 (upper channel boundary).
- Second target: 2,730 (extension beyond the channel).
2. **Bearish Scenario**:
- If the price rejects the upper channel boundary or fails to maintain momentum, expect a pullback toward the midline of the channel, around 2,660–2,670.
- In case of a breakdown, key support lies near 2,640–2,650.
### Additional Notes:
- Monitor volume on any breakout or rejection for confirmation.
- Keep an eye on key economic events or news that might influence gold prices, as these can affect momentum.
### Key Observations:
1. **Trend**: The price is trading within an upward-sloping channel, indicating a bullish trend on the 2-hour timeframe.
2. **Structure**:
- BOS (Break of Structure) and ChoCh (Change of Character) annotations highlight the market respecting structure levels while maintaining its upward trajectory.
- Recent formations suggest a continuation of the bullish trend after a corrective phase.
3. **Cup Formation**: A rounded bottom ("cup") pattern is visible, often interpreted as a bullish continuation signal. The breakout above the rim of the cup suggests potential further upside movement.
4. **Targets**:
- Immediate resistance lies near the upper boundary of the channel (around 2,700–2,710).
- A breakout above the channel may lead to more significant gains.
### Potential Trade Scenarios:
1. **Bullish Scenario**:
- Enter on a confirmed breakout of the rounded bottom pattern.
- First target: 2,700 (upper channel boundary).
- Second target: 2,730 (extension beyond the channel).
2. **Bearish Scenario**:
- If the price rejects the upper channel boundary or fails to maintain momentum, expect a pullback toward the midline of the channel, around 2,660–2,670.
- In case of a breakdown, key support lies near 2,640–2,650.
### Additional Notes:
- Monitor volume on any breakout or rejection for confirmation.
- Keep an eye on key economic events or news that might influence gold prices, as these can affect momentum.
Trade attivo
congratulation 1st target achieved
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
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.