CANDLE MASTER Update!
Technical analysis of gold (XAU/USD) with a focus on a potential bullish setup. Here's a breakdown of the idea:
Key Elements:
1. Support and Resistance Zones:
Support Level: Around the $3,173–$3,175 range, also near the 200 EMA (a strong dynamic support).
Resistance Level: Around $3,288–$3,290.
Target Point: $3,356.540.
2. Chart Patterns:
Falling Wedge: A bullish reversal pattern is forming after a previous uptrend. Price is currently at the lower boundary of this wedge and near support, suggesting a potential bounce.
Trendline Reactions: Multiple rejections from the lower wedge trendline are marked with green arrows, indicating buying interest.
3. Indicators:
50 EMA (red): Positioned above the price, acting as resistance.
200 EMA (blue): Coincides with the current support level, reinforcing its strength.
4. Price Action & Projection:
A potential bullish reversal is anticipated from the support area.
Price is projected to rise, retest the resistance zone, and potentially reach the $3,356.540 target.
Summary of Trade Idea:
Bias: Bullish reversal from support.
Entry: Near current price around $3,175–$3,180.
Target: $3,356.540.
Stop Loss: Below the support level and 200 EMA (e.g., under $3,160).
Technical analysis of gold (XAU/USD) with a focus on a potential bullish setup. Here's a breakdown of the idea:
Key Elements:
1. Support and Resistance Zones:
Support Level: Around the $3,173–$3,175 range, also near the 200 EMA (a strong dynamic support).
Resistance Level: Around $3,288–$3,290.
Target Point: $3,356.540.
2. Chart Patterns:
Falling Wedge: A bullish reversal pattern is forming after a previous uptrend. Price is currently at the lower boundary of this wedge and near support, suggesting a potential bounce.
Trendline Reactions: Multiple rejections from the lower wedge trendline are marked with green arrows, indicating buying interest.
3. Indicators:
50 EMA (red): Positioned above the price, acting as resistance.
200 EMA (blue): Coincides with the current support level, reinforcing its strength.
4. Price Action & Projection:
A potential bullish reversal is anticipated from the support area.
Price is projected to rise, retest the resistance zone, and potentially reach the $3,356.540 target.
Summary of Trade Idea:
Bias: Bullish reversal from support.
Entry: Near current price around $3,175–$3,180.
Target: $3,356.540.
Stop Loss: Below the support level and 200 EMA (e.g., under $3,160).
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Related publications
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.