This chart is a technical analysis of Gold (XAU/USD) price movement on the 1-hour timeframe. Here's a detailed description of the key elements:
🔍 Key Components:
1. Support and Resistance Zones:
Resistance Level (Top Blue Zone): Around 3,355–3,375 — the area where price previously reversed downward.
Low Support (Middle Blue Zone): Around 3,320 — a minor support/resistance flip zone. Currently being tested.
Strong Support Level (Bottom Blue Zone): Around 3,250 — where price previously bounced strongly.
🔺 Important Chart Markings:
📍 Red Circles with Arrows:
These mark key reversal points.
The upper circle (22nd May) shows a rejection at the resistance zone, followed by a sharp drop.
The lower circle (29th May) indicates a strong bounce off the strong support zone.
📈 Trend and Indicators:
Trend Line (Black upward line): Shows the current bullish trend (higher lows forming).
Moving Averages: Multiple EMAs (colored lines) indicate bullish crossover — short-term EMAs are moving above long-term EMAs, signaling upside momentum.
📊 Projection (Future Movement Prediction):
Blue Arrow Upward: Suggests a bullish continuation.
If price holds above the current low support zone (~3,320):
It may rally toward the resistance zone (~3,360–3,370).
A pullback and bounce pattern is suggested before the continuation (black zigzag arrow).
✅ Summary:
Current Bias: Bullish
Entry Point: Around 3,320 (if support holds)
Target: 3,355–3,370 resistance area
Stop Loss Idea: Below 3,300 or near the trendline break
Confirmation Needed: A breakout above current resistance with volume or a bullish pattern
🔍 Key Components:
1. Support and Resistance Zones:
Resistance Level (Top Blue Zone): Around 3,355–3,375 — the area where price previously reversed downward.
Low Support (Middle Blue Zone): Around 3,320 — a minor support/resistance flip zone. Currently being tested.
Strong Support Level (Bottom Blue Zone): Around 3,250 — where price previously bounced strongly.
🔺 Important Chart Markings:
📍 Red Circles with Arrows:
These mark key reversal points.
The upper circle (22nd May) shows a rejection at the resistance zone, followed by a sharp drop.
The lower circle (29th May) indicates a strong bounce off the strong support zone.
📈 Trend and Indicators:
Trend Line (Black upward line): Shows the current bullish trend (higher lows forming).
Moving Averages: Multiple EMAs (colored lines) indicate bullish crossover — short-term EMAs are moving above long-term EMAs, signaling upside momentum.
📊 Projection (Future Movement Prediction):
Blue Arrow Upward: Suggests a bullish continuation.
If price holds above the current low support zone (~3,320):
It may rally toward the resistance zone (~3,360–3,370).
A pullback and bounce pattern is suggested before the continuation (black zigzag arrow).
✅ Summary:
Current Bias: Bullish
Entry Point: Around 3,320 (if support holds)
Target: 3,355–3,370 resistance area
Stop Loss Idea: Below 3,300 or near the trendline break
Confirmation Needed: A breakout above current resistance with volume or a bullish pattern
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.