**Key Features of the Chart:**
1. **Resistance Zone (~3,150 - 3,170):**
- A highlighted area where price is expected to face selling pressure.
- The projection suggests price may test this zone before reversing downward.
2. **Support Zone (~3,056 - 3,066):**
- A critical level where price may find buying interest.
- The projection suggests a bearish movement towards this level after reaching resistance.
3. **Projected Price Movement (Bearish Outlook):**
- The black zigzag line forecasts a price rejection from the resistance zone.
- A series of lower highs and lower lows indicate a downtrend.
- The price is expected to decline towards the support level.
1. **Resistance Zone (~3,150 - 3,170):**
- A highlighted area where price is expected to face selling pressure.
- The projection suggests price may test this zone before reversing downward.
2. **Support Zone (~3,056 - 3,066):**
- A critical level where price may find buying interest.
- The projection suggests a bearish movement towards this level after reaching resistance.
3. **Projected Price Movement (Bearish Outlook):**
- The black zigzag line forecasts a price rejection from the resistance zone.
- A series of lower highs and lower lows indicate a downtrend.
- The price is expected to decline towards the support level.
Trade active
The current status of the **XAU/USD (Gold vs. U.S. Dollar) 45-minute chart** shows: ✅ **Uptrend leading into resistance:** The price has been moving upwards, approaching the **resistance zone (~3,150 - 3,170).**
⚠️ **Potential reversal signal:** The projection suggests that price may face selling pressure at resistance, leading to a bearish trend.
📉 **Expected downtrend:** If rejection occurs, the price could follow a pattern of lower highs and lower lows, targeting the **support zone (~3,056 - 3,066).**
🔄 **Wait for confirmation:** The price action needs to confirm a reversal at resistance before entering a short position.
Note
This chart shows a technical analysis setup for **XAU/USD (Gold vs. US Dollar)** on a 45-minute timeframe (**M45**). ### **Key Observations:**
- **Resistance Zone:** Price reached a strong resistance area near **3,160.000** and has started to decline.
- **Support Zone:** The next key support is around **3,066.000**.
- **Price Action:**
- Price rejected resistance and has dropped by **300+ pips** (indicated in blue).
- A possible **downtrend** is forming, targeting the support zone.
- **Technical Outlook:** If price respects the **resistance level**, further downside movement is expected.
### **Trade Idea:**
- **Sell/Short from Resistance:** Target support at **3,066.000**.
- **Risk Management:** Consider stop-loss above **resistance zone** in case price reverses.
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Disclaimer
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Join My Telegram Channel For Free Forex Trades On Daily Basis
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⭐️ Join Our Partner recommended Broker Deposit More Then $200 And Get VIP (Paid)
🛡Partner Link ⬇️
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t.me/michaeltrades1
⭐️ Join Our Partner recommended Broker Deposit More Then $200 And Get VIP (Paid)
🛡Partner Link ⬇️
one.exnesstrack.org/a/l36gq2sv9q
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.