The chart you provided is a technical analysis for Gold (CFDs on Gold - US$/OZ) on a 1-hour timeframe. Here’s a breakdown of what it shows:
1. Price Action:
The current price is around $3,331.56.
The price has recently entered a resistance zone (highlighted in yellow-red near the top).
2. Resistance Zones:
Upper resistance: Around $3,389 (top yellow box).
Immediate resistance: Around $3,330–$3,340 (where price is currently reacting).
3. Support Zone:
Lower support: Around $3,142–$3,160 (bottom yellow box).
4. Bearish Outlook (as indicated by the blue arrow):
The chart suggests a potential rejection from the current resistance zone.
A projected drop toward the lower support area is illustrated.
There’s a red-shaded box likely representing a stop-loss zone, implying a short trade setup with entry near the current level.
5. Volume: There’s a moderate rise in volume recently, which could support the momentum shift.
Conclusion: The chart analysis suggests a short setup expecting gold to fall from the current resistance zone to the support zone around $3,140, assuming price fails to break above resistance.
Would you like a technical analysis or trading plan based on this idea?
1. Price Action:
The current price is around $3,331.56.
The price has recently entered a resistance zone (highlighted in yellow-red near the top).
2. Resistance Zones:
Upper resistance: Around $3,389 (top yellow box).
Immediate resistance: Around $3,330–$3,340 (where price is currently reacting).
3. Support Zone:
Lower support: Around $3,142–$3,160 (bottom yellow box).
4. Bearish Outlook (as indicated by the blue arrow):
The chart suggests a potential rejection from the current resistance zone.
A projected drop toward the lower support area is illustrated.
There’s a red-shaded box likely representing a stop-loss zone, implying a short trade setup with entry near the current level.
5. Volume: There’s a moderate rise in volume recently, which could support the momentum shift.
Conclusion: The chart analysis suggests a short setup expecting gold to fall from the current resistance zone to the support zone around $3,140, assuming price fails to break above resistance.
Would you like a technical analysis or trading plan based on this idea?
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t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
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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.