New Update of XAUUSD 4h Time Frame
This chart is a technical analysis of Gold (XAU/USD) on a 4-hour timeframe from OANDA, illustrating price action within a key structure. Here’s an advanced breakdown:
Market Context & Trend Analysis:
Prior Bullish Trend: The price action in February followed a well-defined ascending channel, indicating a strong bullish trend.
Breakout & Consolidation: The price eventually broke out of the channel, shifting into a consolidation phase between a resistance zone and a support zone.
Key Technical Levels:
1. Resistance Zone (~$2,930 - $2,950): This is a supply zone where sellers have repeatedly entered, preventing price continuation above.
2. Support Zone (~$2,870 - $2,890): This is a demand zone where buyers have stepped in, preventing further downside movement.
Price Action & Market Structure:
The market is currently ranging between these levels, forming a horizontal consolidation.
The rejection from resistance suggests a liquidity grab or absorption of buy orders by stronger sellers.
Multiple rejections indicate buyer exhaustion and potential distribution.
Future Projections (Bearish Bias):
The black arrows indicate a potential bearish scenario where price might attempt a final liquidity sweep before breaking down.
A breakdown of the support zone would confirm a market structure shift (MSS) to bearish.
Possible retest of support as new resistance (SR flip) before continuation downward.
Confluences Supporting Bearish Continuation:
Momentum Weakness: Failure to sustain higher highs after the initial uptrend.
Liquidity Engineering: Price accumulation below resistance hints at a possible stop hunt before a strong move.
Fundamental Factors: Potential USD strength from upcoming economic data (marked by U.S. flag news icons).
Final Thoughts:
A decisive close below the support zone with volume will confirm bearish continuation.
If price reclaims resistance, the bearish scenario is invalidated, and buyers might attempt a breakout.
Market Context & Trend Analysis:
Prior Bullish Trend: The price action in February followed a well-defined ascending channel, indicating a strong bullish trend.
Breakout & Consolidation: The price eventually broke out of the channel, shifting into a consolidation phase between a resistance zone and a support zone.
Key Technical Levels:
1. Resistance Zone (~$2,930 - $2,950): This is a supply zone where sellers have repeatedly entered, preventing price continuation above.
2. Support Zone (~$2,870 - $2,890): This is a demand zone where buyers have stepped in, preventing further downside movement.
Price Action & Market Structure:
The market is currently ranging between these levels, forming a horizontal consolidation.
The rejection from resistance suggests a liquidity grab or absorption of buy orders by stronger sellers.
Multiple rejections indicate buyer exhaustion and potential distribution.
Future Projections (Bearish Bias):
The black arrows indicate a potential bearish scenario where price might attempt a final liquidity sweep before breaking down.
A breakdown of the support zone would confirm a market structure shift (MSS) to bearish.
Possible retest of support as new resistance (SR flip) before continuation downward.
Confluences Supporting Bearish Continuation:
Momentum Weakness: Failure to sustain higher highs after the initial uptrend.
Liquidity Engineering: Price accumulation below resistance hints at a possible stop hunt before a strong move.
Fundamental Factors: Potential USD strength from upcoming economic data (marked by U.S. flag news icons).
Final Thoughts:
A decisive close below the support zone with volume will confirm bearish continuation.
If price reclaims resistance, the bearish scenario is invalidated, and buyers might attempt a breakout.
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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.