Price Movement & Pattern:
• The chart shows a rising wedge pattern, indicated by the two converging blue trendlines.
• Rising wedges often suggest a potential bearish reversal, especially when they appear after a significant upward trend.
2. Key Levels:
• Resistance zone: Around 3,327.842 - 3,340, marked by a horizontal black line and the upper wedge line.
• Support level: Around 3,273.976, marked in cyan, where the price might fall after a breakdown.
3. Projected Price Action:
• The black line with arrows suggests the analyst expects a false breakout above 3,327, followed by a sharp drop toward the lower support zone near 3,274.
• The shaded red box indicates the target area or the expected range of the price drop.
4. Bearish Bias:
• The current market sentiment on the chart is bearish, expecting gold prices to fall from the current level.
• The chart also shows the current price of gold at 3,309.400, already lower than the anticipated breakout level.
• The chart shows a rising wedge pattern, indicated by the two converging blue trendlines.
• Rising wedges often suggest a potential bearish reversal, especially when they appear after a significant upward trend.
2. Key Levels:
• Resistance zone: Around 3,327.842 - 3,340, marked by a horizontal black line and the upper wedge line.
• Support level: Around 3,273.976, marked in cyan, where the price might fall after a breakdown.
3. Projected Price Action:
• The black line with arrows suggests the analyst expects a false breakout above 3,327, followed by a sharp drop toward the lower support zone near 3,274.
• The shaded red box indicates the target area or the expected range of the price drop.
4. Bearish Bias:
• The current market sentiment on the chart is bearish, expecting gold prices to fall from the current level.
• The chart also shows the current price of gold at 3,309.400, already lower than the anticipated breakout level.
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.