*Gold (XAU/USD)* on a 4-hour time frame. The price has recently experienced significant bullish movement after breaking through key resistance levels.
*Key Observations:*
1. *Break of Structure (BOS)*: The chart highlights *multiple BOS (Break of Structure)* points, indicating a shift in market momentum and the establishment of a bullish trend.
2. *Support and Resistance Zones*: The *support zone* is shown with green arrows at *2,880* and *2,898*, where price bounced previously, while the *resistance zone* at the top shows the price approaching *3,002*, a *weak high* area.
3. *Price Action*: The price recently broke through the resistance zone and is targeting *3,002* as the next *strong resistance* level. The *Choch (Change of Character)* indicates a shift from bearish to bullish sentiment.
4. *Target and Next Move*: The price is heading towards the *3,002* level, with further upside potential if it breaks the *weak high*.
*Trading Setup*:
- *Buy Entry*: The breakout at the *support zone* and continuation above *2,898* signals a potential buy.
- *Target*: The target for this trade is *3,002*.
*Key Observations:*
1. *Break of Structure (BOS)*: The chart highlights *multiple BOS (Break of Structure)* points, indicating a shift in market momentum and the establishment of a bullish trend.
2. *Support and Resistance Zones*: The *support zone* is shown with green arrows at *2,880* and *2,898*, where price bounced previously, while the *resistance zone* at the top shows the price approaching *3,002*, a *weak high* area.
3. *Price Action*: The price recently broke through the resistance zone and is targeting *3,002* as the next *strong resistance* level. The *Choch (Change of Character)* indicates a shift from bearish to bullish sentiment.
4. *Target and Next Move*: The price is heading towards the *3,002* level, with further upside potential if it breaks the *weak high*.
*Trading Setup*:
- *Buy Entry*: The breakout at the *support zone* and continuation above *2,898* signals a potential buy.
- *Target*: The target for this trade is *3,002*.
Trade closed: target reached
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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.