This chart represents Gold (XAU/USD) on a 1-hour timeframe. Several key price levels and technical patterns are identified, including resistance zones, FVG (Fair Value Gaps), and target levels. Let's break down the analysis:
Key Observations:
1. Price Action & Trend:
- The price of Gold has been moving downward, as seen from the red trendlines marking a downtrend. The price has faced resistance around the 3,141.644 level, which has acted as a strong supply zone. Following this, Gold showed a sharp decline towards lower levels.
2. Resistance Zone:
- The resistance zone is marked at 3,141.644, which corresponds to a region where the price has previously encountered selling pressure. This level seems to have rejected the price multiple times, confirming it…- The FVG gap is highlighted around the range 3,120.00 - 3,141.644. An FVG represents an area where the price imbalance occurs, typically after a sharp price movement. In many cases, the market returns to fill the gap before continuing in the direction of the initial move. The FVG zone in this chart likely indicates a potential for a price retracement or consolidation before further price action.
- As the price moves downward, the FVG zone is tested, and it might act as a rejection zone if the price moves back into it, suggesting a short trade opportunity.
4. Downward Price Movement:
- The sharp bearish movement observed from the resistance level at 3,141.644 shows a breakdown, confirming a trend reversal. This move pushes the price below the previous su…
Key Observations:
1. Price Action & Trend:
- The price of Gold has been moving downward, as seen from the red trendlines marking a downtrend. The price has faced resistance around the 3,141.644 level, which has acted as a strong supply zone. Following this, Gold showed a sharp decline towards lower levels.
2. Resistance Zone:
- The resistance zone is marked at 3,141.644, which corresponds to a region where the price has previously encountered selling pressure. This level seems to have rejected the price multiple times, confirming it…- The FVG gap is highlighted around the range 3,120.00 - 3,141.644. An FVG represents an area where the price imbalance occurs, typically after a sharp price movement. In many cases, the market returns to fill the gap before continuing in the direction of the initial move. The FVG zone in this chart likely indicates a potential for a price retracement or consolidation before further price action.
- As the price moves downward, the FVG zone is tested, and it might act as a rejection zone if the price moves back into it, suggesting a short trade opportunity.
4. Downward Price Movement:
- The sharp bearish movement observed from the resistance level at 3,141.644 shows a breakdown, confirming a trend reversal. This move pushes the price below the previous su…
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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.
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.