CFDs on Gold (US$/OZ), 1-hour timeframe (TVC).
⸻
2. Key Concepts Used:
• Bearish Order Blocks (OB): These are zones where big sellers previously entered the market, potentially acting as resistance if price returns.
• Fibonacci Retracement (0.646 level shown): Indicates a retracement point from the recent move, helping to identify a reversal or continuation level.
• Support/Resistance Zones: Yellow shaded areas are likely support/resistance.
• Trend Line: An upward sloping trendline was recently broken, indicating bearish pressure.
⸻
3. Market Structure and Plan:
A. Left Side of the Chart:
• A strong rally occurred, reaching above the black horizontal line (around $3165).
• Marked with an orange circle, likely a liquidity grab or false breakout.
• Price then fell sharply — a rejection from that high.
B. Midsection:
• Two Bearish Order Blocks were marked (orange circles) where price paused and reversed downward.
• A falling wedge or descending pattern ended around April 8, with a sharp bounce.
C. Right Side - Current Price Action:
• Price broke the upward trendline and is now testing a resistance zone (highlighted in yellow, around $3124).
• A potential lower high may be forming.
⸻
2. Key Concepts Used:
• Bearish Order Blocks (OB): These are zones where big sellers previously entered the market, potentially acting as resistance if price returns.
• Fibonacci Retracement (0.646 level shown): Indicates a retracement point from the recent move, helping to identify a reversal or continuation level.
• Support/Resistance Zones: Yellow shaded areas are likely support/resistance.
• Trend Line: An upward sloping trendline was recently broken, indicating bearish pressure.
⸻
3. Market Structure and Plan:
A. Left Side of the Chart:
• A strong rally occurred, reaching above the black horizontal line (around $3165).
• Marked with an orange circle, likely a liquidity grab or false breakout.
• Price then fell sharply — a rejection from that high.
B. Midsection:
• Two Bearish Order Blocks were marked (orange circles) where price paused and reversed downward.
• A falling wedge or descending pattern ended around April 8, with a sharp bounce.
C. Right Side - Current Price Action:
• Price broke the upward trendline and is now testing a resistance zone (highlighted in yellow, around $3124).
• A potential lower high may be forming.
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.