GOLD UPDATE H1 XAUUSD DROPPING DOWN
This chart represents a technical analysis setup for Gold Spot (XAU/USD) on a 1-hour timeframe, highlighting a potential sell (short) trade opportunity based on price action and trend analysis.
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Key Components of the Chart:
1. Resistance Level (Upper Black Line)
The resistance level is a price area where gold has struggled to break above.
This level is marked with yellow circles, showing past price rejections.
The price recently reached this resistance again and failed to break higher, signaling potential downside movement.
2. Support Level (Lower Black Trendline)
The support level is a rising trendline connecting previous lows.
It indicates a level where buyers have stepped in to push prices higher in the past.
A break below this support may confirm a bearish move.
3. Entry Point (Sell Trade Setup)
The entry point is marked right after the price touches resistance and starts to reverse downward.
Traders are expecting the price to decline after rejection at resistance.
4. Take Profit (TP) Levels
TP1: 2901 – The first target where traders might take some profit.
TP3: 2887 – The second target, indicating a stronger bearish move.
5. Current Price & Market Condition
The current market price is 2,908.900, as shown in red on the right.
The blue levels (2,900.597 and 2,887.653) are key areas to watch for price movement.
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Key Components of the Chart:
1. Resistance Level (Upper Black Line)
The resistance level is a price area where gold has struggled to break above.
This level is marked with yellow circles, showing past price rejections.
The price recently reached this resistance again and failed to break higher, signaling potential downside movement.
2. Support Level (Lower Black Trendline)
The support level is a rising trendline connecting previous lows.
It indicates a level where buyers have stepped in to push prices higher in the past.
A break below this support may confirm a bearish move.
3. Entry Point (Sell Trade Setup)
The entry point is marked right after the price touches resistance and starts to reverse downward.
Traders are expecting the price to decline after rejection at resistance.
4. Take Profit (TP) Levels
TP1: 2901 – The first target where traders might take some profit.
TP3: 2887 – The second target, indicating a stronger bearish move.
5. Current Price & Market Condition
The current market price is 2,908.900, as shown in red on the right.
The blue levels (2,900.597 and 2,887.653) are key areas to watch for price movement.
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Disclaimer
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🔵ᴠɪᴘ ꜱɪɢɴᴀʟꜱ BTC, XAUUSD, GBPUSD
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🔵ᴠɪᴘ ꜱɪɢɴᴀʟꜱ BTC, XAUUSD, GBPUSD
🔵ɢʀᴏᴡᴛʜ ʀɪᴄʜ ɪɴ ꜰᴏʀᴇx ᴛʀᴀᴅɪɴɢ
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t.me/+5sSiYJ8yzUg1Yjhk
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.