technical analysis of gold (CFDs on Gold, US$/OZ) on a 1-hour timeframe.
- The current gold price is **3,038.524**, showing a decline of **-10.356 (-0.34%)**.
- The chart displays **support and resistance levels**, potential price movements, and a **target point of 3,070**.
### **Key Levels:**
1. **Resistance Zone:**
- Marked near **3,050**, where the price has faced difficulty breaking through.
2. **Support Buy Zone:**
- Identified around **3,000.338 to 3,004.344**.
- This is a potential demand area where buyers might step in.
3. **Support 1:**
- Located lower, around **2,980 to 2,990**.
- If the price breaks below the support buy zone, this area might act as the next support level.
### **Price Projection:**
- The chart suggests a **potential drop to the support buy zone (around 3,000)** before a rebound toward **3,070**.
- The projected move follows a **classic pullback and reversal strategy**, with buyers potentially entering at the support zone.
### **Conclusion:**
- If gold reaches the **support buy zone (around 3,000)** and shows buying momentum, an upward move toward **3,070** is expected.
- A break below **support 1 (2,980 - 2,990)** could indicate further downside risks.
- Traders may consider **buying at the support zone** and setting a **target near 3,070**, keeping in mind potential risks.
This analysis is based on the provided chart, and actual market conditions should be monitored for confirmation.
- The current gold price is **3,038.524**, showing a decline of **-10.356 (-0.34%)**.
- The chart displays **support and resistance levels**, potential price movements, and a **target point of 3,070**.
### **Key Levels:**
1. **Resistance Zone:**
- Marked near **3,050**, where the price has faced difficulty breaking through.
2. **Support Buy Zone:**
- Identified around **3,000.338 to 3,004.344**.
- This is a potential demand area where buyers might step in.
3. **Support 1:**
- Located lower, around **2,980 to 2,990**.
- If the price breaks below the support buy zone, this area might act as the next support level.
### **Price Projection:**
- The chart suggests a **potential drop to the support buy zone (around 3,000)** before a rebound toward **3,070**.
- The projected move follows a **classic pullback and reversal strategy**, with buyers potentially entering at the support zone.
### **Conclusion:**
- If gold reaches the **support buy zone (around 3,000)** and shows buying momentum, an upward move toward **3,070** is expected.
- A break below **support 1 (2,980 - 2,990)** could indicate further downside risks.
- Traders may consider **buying at the support zone** and setting a **target near 3,070**, keeping in mind potential risks.
This analysis is based on the provided chart, and actual market conditions should be monitored for confirmation.
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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.