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On the 1-hour chart, the price action shows more immediate movements and short-term trading opportunities.
Key Observations:
Descending Channel: The price is trading within a steeper descending channel, reinforcing the bearish momentum seen on the 4-hour chart.
Resistance Zone: A clear resistance zone is established around $2,380-$2,390.
Support Zone: The immediate support is identified around $2,360, with a potential for further decline to $2,340 and $2,320.
Potential Scenarios:
Bullish Breakout: A break above the $2,380 resistance could lead to a retest of higher resistance levels at $2,400.
Bearish Pressure: Sustained rejection at $2,380 may see the price continuing its downward trajectory towards $2,340 and potentially $2,320.
Conclusion
The overall market sentiment for gold appears to be mixed, with short-term bearish momentum within the context of a long-term bullish trend. Traders should watch for key support and resistance levels on different timeframes to identify potential trading opportunities. A breakout above the descending channel on lower timeframes could signal a bullish reversal, while continued rejection from resistance levels may confirm further bearish movement.
On the 1-hour chart, the price action shows more immediate movements and short-term trading opportunities.
Key Observations:
Descending Channel: The price is trading within a steeper descending channel, reinforcing the bearish momentum seen on the 4-hour chart.
Resistance Zone: A clear resistance zone is established around $2,380-$2,390.
Support Zone: The immediate support is identified around $2,360, with a potential for further decline to $2,340 and $2,320.
Potential Scenarios:
Bullish Breakout: A break above the $2,380 resistance could lead to a retest of higher resistance levels at $2,400.
Bearish Pressure: Sustained rejection at $2,380 may see the price continuing its downward trajectory towards $2,340 and potentially $2,320.
Conclusion
The overall market sentiment for gold appears to be mixed, with short-term bearish momentum within the context of a long-term bullish trend. Traders should watch for key support and resistance levels on different timeframes to identify potential trading opportunities. A breakout above the descending channel on lower timeframes could signal a bullish reversal, while continued rejection from resistance levels may confirm further bearish movement.
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.