Chart Timeframe: 1H
Instrument: Gold Spot (XAUUSD)
Current Price: 3,377.00 USD
Technical Overview:
Gold has broken out of a well-defined descending channel, suggesting a strong shift in momentum from bearish to bullish. This breakout is supported by increased volume and a clean break above the resistance trendline, indicating potential continuation to the upside.
Key Levels to Watch:
Support Zone: 3,310 USD
This level, previously acting as resistance during consolidation, is now expected to serve as strong support in case of a pullback.
First Target: 3,430 USD
This is a near-term resistance level where some profit-taking might occur. Price may consolidate or retrace slightly here before resuming the uptrend.
Final Target: 3,475 USD
If the bullish momentum continues, this is the next key resistance level. Watch for price action confirmation near this zone.
Trade Idea:
Scenario 1: If price sustains above the breakout level and holds support near 3,310 USD, we could see a steady rise toward 3,430 USD followed by an extension to 3,475 USD.
Scenario 2: A short-term pullback to the support zone (3,310 USD) could offer a potential re-entry opportunity for those looking to catch the move toward the targets.
Conclusion:
This breakout signals a potential trend reversal in the short term. Traders should monitor price action closely around the key levels for confirmations and manage risk appropriately. Always use proper risk management and confirm entries with your trading strategy.
Disclaimer: This is not financial advice. Always do your own analysis and consult your trading plan before making any trade.
Instrument: Gold Spot (XAUUSD)
Current Price: 3,377.00 USD
Technical Overview:
Gold has broken out of a well-defined descending channel, suggesting a strong shift in momentum from bearish to bullish. This breakout is supported by increased volume and a clean break above the resistance trendline, indicating potential continuation to the upside.
Key Levels to Watch:
Support Zone: 3,310 USD
This level, previously acting as resistance during consolidation, is now expected to serve as strong support in case of a pullback.
First Target: 3,430 USD
This is a near-term resistance level where some profit-taking might occur. Price may consolidate or retrace slightly here before resuming the uptrend.
Final Target: 3,475 USD
If the bullish momentum continues, this is the next key resistance level. Watch for price action confirmation near this zone.
Trade Idea:
Scenario 1: If price sustains above the breakout level and holds support near 3,310 USD, we could see a steady rise toward 3,430 USD followed by an extension to 3,475 USD.
Scenario 2: A short-term pullback to the support zone (3,310 USD) could offer a potential re-entry opportunity for those looking to catch the move toward the targets.
Conclusion:
This breakout signals a potential trend reversal in the short term. Traders should monitor price action closely around the key levels for confirmations and manage risk appropriately. Always use proper risk management and confirm entries with your trading strategy.
Disclaimer: This is not financial advice. Always do your own analysis and consult your trading plan before making any trade.
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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.
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.