This chart shows a trading setup for Gold (CFDs on Gold), based on a resistance (support-turned-resistance) strategy. Here's a breakdown of what it's suggesting:
Chart Analysis:
1. Support/Resistance Zones:
Resistance Zone (Upper Purple Area): Around 3,250 – Price has been rejected from this zone multiple times (highlighted with red arrows).
Support Zone (Lower Purple Area): Around 3,200 – Acts as a potential target for a short trade (green arrows indicate past price bounces).
2. Entry Setup:
Entry Line (Blue Line): ~3,240 – This is where the trader anticipates price rejection.
Short Position: The chart suggests entering a short trade near the resistance zone.
3. **
Chart Analysis:
1. Support/Resistance Zones:
Resistance Zone (Upper Purple Area): Around 3,250 – Price has been rejected from this zone multiple times (highlighted with red arrows).
Support Zone (Lower Purple Area): Around 3,200 – Acts as a potential target for a short trade (green arrows indicate past price bounces).
2. Entry Setup:
Entry Line (Blue Line): ~3,240 – This is where the trader anticipates price rejection.
Short Position: The chart suggests entering a short trade near the resistance zone.
3. **
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.