Support Zone (Labeled "SUPPOT"):
A clear horizontal support zone has formed between approximately $106,231 and $107,555.
Price has tested this zone multiple times, showing buying interest and support holding.
Cup and Handle Pattern Formation:
The blue curved line suggests a "cup and handle" formation, a classic bullish continuation pattern.
The cup appears to be forming and a handle is likely in progress or forming soon.
Breakout Target ("POINT"):
The green box above suggests the target area for the breakout move, with a projected price of $118,172.
This target is calculated by projecting the depth of the cup upwards from the breakout point.
Moving Averages:
EMA 50 (red line): Currently around $108,986.
EMA 200 (blue line): Currently around $107,049.
Price is trading above both, which is generally bullish, suggesting upward momentum.
Risk Zone (Red Box):
Below the support zone is the risk area where invalidation of the bullish pattern may occur.
Interpretation:
The chart setup implies a bullish bias with a potential breakout leading to a move toward $118,172.
A successful breakout would likely require a strong candle close above the resistance zone just above $109,000.
Traders might look for confirmation before entry, using volume or a retest of the breakout level.
A clear horizontal support zone has formed between approximately $106,231 and $107,555.
Price has tested this zone multiple times, showing buying interest and support holding.
Cup and Handle Pattern Formation:
The blue curved line suggests a "cup and handle" formation, a classic bullish continuation pattern.
The cup appears to be forming and a handle is likely in progress or forming soon.
Breakout Target ("POINT"):
The green box above suggests the target area for the breakout move, with a projected price of $118,172.
This target is calculated by projecting the depth of the cup upwards from the breakout point.
Moving Averages:
EMA 50 (red line): Currently around $108,986.
EMA 200 (blue line): Currently around $107,049.
Price is trading above both, which is generally bullish, suggesting upward momentum.
Risk Zone (Red Box):
Below the support zone is the risk area where invalidation of the bullish pattern may occur.
Interpretation:
The chart setup implies a bullish bias with a potential breakout leading to a move toward $118,172.
A successful breakout would likely require a strong candle close above the resistance zone just above $109,000.
Traders might look for confirmation before entry, using volume or a retest of the breakout level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join My Official Channel Link
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.