The chart you've shared is a 4-hour timeframe for CFDs on Gold (XAU/USD). Here's a breakdown of what the chart shows:
Key Technical Elements:
1. Resistance Zone (Blue Rectangle):
Price attempted to break above this zone multiple times but was rejected.
Acts as a strong resistance level around the 3,355–3,370 range.
2. Support Zone (Red Line):
Around 3,232, which is marked as a "take profit" area.
This zone has previously acted as both support and resistance.
3. Rising Wedge Pattern:
A bearish reversal pattern is drawn, and price has broken downward from it.
This confirms potential for a short-term pullback.
4. Ichimoku Cloud:
The price is just breaking below the cloud, which can be a bearish signal.
The future cloud is mixed, indicating some uncertainty ahead.
Interpretation:
The chart suggests a short opportunity was taken near the top of the wedge at resistance.
Target marked is the previous support (3,232), where partial or full profits might be considered.
Key Technical Elements:
1. Resistance Zone (Blue Rectangle):
Price attempted to break above this zone multiple times but was rejected.
Acts as a strong resistance level around the 3,355–3,370 range.
2. Support Zone (Red Line):
Around 3,232, which is marked as a "take profit" area.
This zone has previously acted as both support and resistance.
3. Rising Wedge Pattern:
A bearish reversal pattern is drawn, and price has broken downward from it.
This confirms potential for a short-term pullback.
4. Ichimoku Cloud:
The price is just breaking below the cloud, which can be a bearish signal.
The future cloud is mixed, indicating some uncertainty ahead.
Interpretation:
The chart suggests a short opportunity was taken near the top of the wedge at resistance.
Target marked is the previous support (3,232), where partial or full profits might be considered.
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.
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.