technical analysis of Gold Spot (XAU/USD) on the 1-hour timeframe, and it shows a bullish bias within an ascending channel. Here's a breakdown of the ideas and insights from this analysis:
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Key Observations:
1. Ascending Channel:
Price is respecting a rising parallel channel.
Multiple bounces (marked by green arrows) off the lower trendline reinforce the validity of this channel.
2. Strong Support Zone:
A horizontal support level around 3,336–3,340 USD has held multiple times, suggesting buyers step in here.
Price has just bounced off this support area again.
3. EMA 200 Confluence:
The EMA 200 (Exponential Moving Average) is providing dynamic support around 3,336 USD, strengthening the case for a bullish continuation.
4. Price Action:
Sharp bounce from the support area suggests a potential recovery toward the top of the channel.
A projected bullish path is illustrated with two target points:
First target: 3,392.778 USD (near-term resistance).
Final target: 3,441.063 USD (upper channel limit and projected 3.02% move).
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Potential Trading Idea:
Entry Zone: Near 3,336–3,340 USD (already rebounded here).
Stop-Loss: Below the channel and support zone, e.g., around 3,320 USD.
Take-Profit:
TP1: 3,392 USD
TP2: 3,441 USD
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Risks & Considerations:
If price breaks below the channel and EMA 200, the bullish outlook invalidates.
Watch for false breakouts near the support and resistance zones.
Economic events (indicated at the bottom with the calendar icons) may introduce volatility.
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Conclusion:
This is a classic bullish continuation setup in a rising channel, with clear levels of support, resistance, and momentum dynamics. Traders might consider long opportunities as long as the price stays above the lower trendline and EMA 200.
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---
Key Observations:
1. Ascending Channel:
Price is respecting a rising parallel channel.
Multiple bounces (marked by green arrows) off the lower trendline reinforce the validity of this channel.
2. Strong Support Zone:
A horizontal support level around 3,336–3,340 USD has held multiple times, suggesting buyers step in here.
Price has just bounced off this support area again.
3. EMA 200 Confluence:
The EMA 200 (Exponential Moving Average) is providing dynamic support around 3,336 USD, strengthening the case for a bullish continuation.
4. Price Action:
Sharp bounce from the support area suggests a potential recovery toward the top of the channel.
A projected bullish path is illustrated with two target points:
First target: 3,392.778 USD (near-term resistance).
Final target: 3,441.063 USD (upper channel limit and projected 3.02% move).
---
Potential Trading Idea:
Entry Zone: Near 3,336–3,340 USD (already rebounded here).
Stop-Loss: Below the channel and support zone, e.g., around 3,320 USD.
Take-Profit:
TP1: 3,392 USD
TP2: 3,441 USD
---
Risks & Considerations:
If price breaks below the channel and EMA 200, the bullish outlook invalidates.
Watch for false breakouts near the support and resistance zones.
Economic events (indicated at the bottom with the calendar icons) may introduce volatility.
---
Conclusion:
This is a classic bullish continuation setup in a rising channel, with clear levels of support, resistance, and momentum dynamics. Traders might consider long opportunities as long as the price stays above the lower trendline and EMA 200.
Feedback My idea like and comment's 🙏
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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.
Join My Official Channel Link
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Join My Public Channel Link
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t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.