A technical analysis of Gold (XAU/USD) on the 1-hour timeframe. Here's a breakdown of what the chart indicates:
1. Falling Wedge Patterns:
Two falling wedge patterns are visible (marked by converging blue trendlines). These typically signal potential bullish reversals, which seems to have occurred, as price broke upward from both.
2. Resistance and Support:
The red horizontal lines mark significant resistance (~3,280) and support (~3,140) levels.
The price is currently around 3,239.430.
3. Projection:
The blue arrows suggest a forecast: price is expected to rise to the resistance level (around 3,280), then sharply drop toward the support level (~3,140).
This looks like a potential bearish setup after a resistance rejection. The chart author is likely anticipating a reversal from the resistance zone to capitalize on a short (sell) position.
Would you like help formulating a trade plan or understanding the risk involved?
1. Falling Wedge Patterns:
Two falling wedge patterns are visible (marked by converging blue trendlines). These typically signal potential bullish reversals, which seems to have occurred, as price broke upward from both.
2. Resistance and Support:
The red horizontal lines mark significant resistance (~3,280) and support (~3,140) levels.
The price is currently around 3,239.430.
3. Projection:
The blue arrows suggest a forecast: price is expected to rise to the resistance level (around 3,280), then sharply drop toward the support level (~3,140).
This looks like a potential bearish setup after a resistance rejection. The chart author is likely anticipating a reversal from the resistance zone to capitalize on a short (sell) position.
Would you like help formulating a trade plan or understanding the risk involved?
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.