Based on the 1-hour chart for Gold (XAU/USD), here are some observations and analysis:
Triangle Pattern: The chart shows a symmetrical triangle pattern, which is a continuation pattern. The price is currently at the lower boundary of the triangle, suggesting a potential breakout to the downside.
Fibonacci Retracement Levels: The Fibonacci retracement levels are drawn from the recent high to the recent low. The price is currently around the 0.786 retracement level (2,334.88), which is a significant support level. A break below this level could confirm the bearish trend.
Order Block: There is an order block around the 2,312 level, which could act as a significant support zone if the price breaks below the triangle pattern.
Target: If the price breaks below the triangle pattern and the 0.786 Fibonacci level, the next target could be around the 2,312 level
Key Levels to Watch:
Support: 2,334.88 (0.786 Fibonacci level), 2,325.33 (recent low), 2,312 (order block)
Resistance: 2,342.38 (0.618 Fibonacci level), 2,347.64 (0.5 Fibonacci level), 2,352.91 (0.382 Fibonacci level)
Triangle Pattern: The chart shows a symmetrical triangle pattern, which is a continuation pattern. The price is currently at the lower boundary of the triangle, suggesting a potential breakout to the downside.
Fibonacci Retracement Levels: The Fibonacci retracement levels are drawn from the recent high to the recent low. The price is currently around the 0.786 retracement level (2,334.88), which is a significant support level. A break below this level could confirm the bearish trend.
Order Block: There is an order block around the 2,312 level, which could act as a significant support zone if the price breaks below the triangle pattern.
Target: If the price breaks below the triangle pattern and the 0.786 Fibonacci level, the next target could be around the 2,312 level
Key Levels to Watch:
Support: 2,334.88 (0.786 Fibonacci level), 2,325.33 (recent low), 2,312 (order block)
Resistance: 2,342.38 (0.618 Fibonacci level), 2,347.64 (0.5 Fibonacci level), 2,352.91 (0.382 Fibonacci level)