This is a XAUUSD (Gold/USD) intraday trading chart with clearly marked zones and guidance:
• Sell Zone (Red area): Suggests to stop selling if gold breaks above this area (~3368–3387).
• Support Zone (~3343): Labeled as “3343 LOOKS STRONG SUPPORT,” implying a potential bounce.
• Target Zone (~3302): A clear target for a short position, assuming a move downward.
Analysis:
1. Bearish Bias: The chart suggests a short (sell) bias unless gold breaks above the 3387 level. If it does, that would invalidate the short idea.
2. Price Action: A strong bullish move just occurred before consolidation, indicating caution. A pullback could follow.
3. Risk Management: The red zone acts as a stop-loss zone, which is good practice. The green zone below 3343 implies a short opportunity with a solid risk-reward ratio.
4. Support Confirmation: If price holds above 3343, bulls may re-enter, so watching price behavior around this level is key
• Sell Zone (Red area): Suggests to stop selling if gold breaks above this area (~3368–3387).
• Support Zone (~3343): Labeled as “3343 LOOKS STRONG SUPPORT,” implying a potential bounce.
• Target Zone (~3302): A clear target for a short position, assuming a move downward.
Analysis:
1. Bearish Bias: The chart suggests a short (sell) bias unless gold breaks above the 3387 level. If it does, that would invalidate the short idea.
2. Price Action: A strong bullish move just occurred before consolidation, indicating caution. A pullback could follow.
3. Risk Management: The red zone acts as a stop-loss zone, which is good practice. The green zone below 3343 implies a short opportunity with a solid risk-reward ratio.
4. Support Confirmation: If price holds above 3343, bulls may re-enter, so watching price behavior around this level is key
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.