This chart illustrates a recent price action for Gold CFDs. The chart shows a clear support zone around the 3,345 level (marked by the blue horizontal line), which has held multiple times in the past, confirming it as a strong support.
A sharp bearish move (highlighted by the downward arrow) occurred after price peaked near 3,400, which coincides with a potential resistance zone (purple shaded area at the top). The price then sharply dropped to retest the support level and showed a strong bullish rejection (highlighted by the lower orange circle), forming a potential double bottom pattern — a classic reversal signal.
The volume spike at the support area suggests increased buying interest, possibly indicating institutional accumulation. The projected move is marked by an upward arrow, anticipating a bullish breakout toward the resistance level near 3,385.170.
This setup suggests a potential long opportunity with the target at the upper resistance zone, contingent on price holding above the 3,345 support.
A sharp bearish move (highlighted by the downward arrow) occurred after price peaked near 3,400, which coincides with a potential resistance zone (purple shaded area at the top). The price then sharply dropped to retest the support level and showed a strong bullish rejection (highlighted by the lower orange circle), forming a potential double bottom pattern — a classic reversal signal.
The volume spike at the support area suggests increased buying interest, possibly indicating institutional accumulation. The projected move is marked by an upward arrow, anticipating a bullish breakout toward the resistance level near 3,385.170.
This setup suggests a potential long opportunity with the target at the upper resistance zone, contingent on price holding above the 3,345 support.
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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.