echnical analysis of (XAU/USD) on the 1-hour timeframe. Here’s the breakdown of the idea illustrated:
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Key Elements:
1. Support Level (Highlighted Zone):
Price has tested this level multiple times (yellow circles), showing strong buying interest.
It acts as a demand zone.
2. CHoCH (Change of Character):
Marked above previous structure — indicates a shift from bearish to bullish structure.
Suggests smart money buying could be active.
3. Price Action:
After the CHoCH, price made a higher high.
It’s now retesting the support level (potential order block or demand zone).
4. EMAs (50 & 200):
Price is trading above both EMAs, suggesting a bullish trend.
The 50 EMA is above the 200 EMA = bullish crossover.
5. Targets:
Target Point 1: 3,392.274 (near the previous high).
Target Point 2: 3,438.555 (next significant resistance level).
Labeled move suggests a potential 3% rally if price holds the support.
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Confirmation Signals:
Strong support zone holding.
Bullish engulfing candles near the support (assumed from price shape).
Moving average alignment and bullish structure.
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Potential Risks:
If price breaks below the support zone, the setup may become invalid.
Watch for false breakouts or liquidity grabs below support.
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Summary:
This is a trend continuation strategy, waiting for a retest of support followed by a move toward higher resistance. If bullish confirmation appears (e.g., strong bullish candles or volume spike), it could be a good entry.
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