Overview: This chart shows the price action of Gold (XAU/USD) on a 1-hour timeframe. Key support and resistance areas are identified, along with potential trade setups based on price action.
Key Levels:
Resistance Zone (3422-3423):
This is a critical resistance area. Price has struggled to break above this level, and a breakout could signal a continuation of bullish momentum. A rejection here may lead to a potential reversal.
Support Zone (3366-3367):
The support zone has held strong in previous price action. If price revisits this level and holds, there could be a potential buying opportunity. A break below this level could open the door for further downside.
Target Area (3470):
The potential target for upward price movement is around the 3470 level. This is a key area to watch for profit-taking or reversal signs once reached.
Technical Indicators:
BOS (Break of Structure):
The chart indicates a potential break of structure to the upside, suggesting that the bearish trend may be weakening and a bullish trend could be forming. Confirmation of this break is key for trade validation.
ChCh (Change of Character):
A change of character is observed, signaling a shift in market behavior. Watch for price action around this level to determine the next direction.
Trade Setup: Watch for price to either reject resistance (3422-3423) for a potential short setup or break above it for a bullish continuation toward the target at 3470. If price hits support (3366-3367), consider potential long positions with proper risk management.
Must Boost & Comments .
Key Levels:
Resistance Zone (3422-3423):
This is a critical resistance area. Price has struggled to break above this level, and a breakout could signal a continuation of bullish momentum. A rejection here may lead to a potential reversal.
Support Zone (3366-3367):
The support zone has held strong in previous price action. If price revisits this level and holds, there could be a potential buying opportunity. A break below this level could open the door for further downside.
Target Area (3470):
The potential target for upward price movement is around the 3470 level. This is a key area to watch for profit-taking or reversal signs once reached.
Technical Indicators:
BOS (Break of Structure):
The chart indicates a potential break of structure to the upside, suggesting that the bearish trend may be weakening and a bullish trend could be forming. Confirmation of this break is key for trade validation.
ChCh (Change of Character):
A change of character is observed, signaling a shift in market behavior. Watch for price action around this level to determine the next direction.
Trade Setup: Watch for price to either reject resistance (3422-3423) for a potential short setup or break above it for a bullish continuation toward the target at 3470. If price hits support (3366-3367), consider potential long positions with proper risk management.
Must Boost & Comments .
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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.
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.