This chart of XAU/USD (Gold vs US Dollar) on the 1-hour timeframe shows several technical elements:
1. Ascending Triangle Breakout:
A classic bullish pattern formed before the price breakout.
The breakout occurred above the horizontal resistance around 3,275, which is now acting as a support level.
2. Rising Channel:
After the breakout, price moved within a rising channel, indicating a controlled uptrend.
The price recently touched the upper boundary and appears to be reversing.
3. Bearish Pullback Indicated:
A red arrow suggests a potential correction back to the previous breakout level around 3,275.
This is supported by the bearish candlestick near the top of the channel.
4. Ichimoku Cloud:
Price is currently above the cloud, signaling ongoing bullish sentiment, but the cloud may offer support if price pulls back.
Summary:
The chart implies a short-term bearish correction toward the 3,275 support level after a bullish breakout. If this level holds, it may provide a new buying opportunity. A break below it could invalidate the bullish setup.
Let me know if you’d like analysis on different timeframes or trading ideas based on this setup.
1. Ascending Triangle Breakout:
A classic bullish pattern formed before the price breakout.
The breakout occurred above the horizontal resistance around 3,275, which is now acting as a support level.
2. Rising Channel:
After the breakout, price moved within a rising channel, indicating a controlled uptrend.
The price recently touched the upper boundary and appears to be reversing.
3. Bearish Pullback Indicated:
A red arrow suggests a potential correction back to the previous breakout level around 3,275.
This is supported by the bearish candlestick near the top of the channel.
4. Ichimoku Cloud:
Price is currently above the cloud, signaling ongoing bullish sentiment, but the cloud may offer support if price pulls back.
Summary:
The chart implies a short-term bearish correction toward the 3,275 support level after a bullish breakout. If this level holds, it may provide a new buying opportunity. A break below it could invalidate the bullish setup.
Let me know if you’d like analysis on different timeframes or trading ideas based on this setup.
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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.