This 15-minute chart for Gold Spot against the U.S. Dollar (XAU/USD) shows a bullish ascending trendline forming after a significant prior downtrend. The price is currently consolidating along this trendline, targeting the resistance zone around 3340. The chart suggests two possible movements: a breakout above 3340 resistance or a pullback to retest the trendline before potentially moving higher.
Explanation:
Trend: The chart shows a recent recovery after a sharp drop, marked by a strong ascending black trendline.
Resistance Zone: The grey-shaded area around 3340 acts as a significant resistance where price may face selling pressure.
Projection:
First possibility: A slight retracement to the trendline (support) followed by a bounce upward towards 3340.
Second possibility: If momentum is strong, a direct breakout above the 3340 level.
Indicators:
Red and green cloud-like bands indicate previous bullish and bearish trends (probably a Keltner Channel or Donchian Channel).
The lightning bolt icon hints that a strong move or breakout is expected soon.
This setup suggests traders might be looking for a buying opportunity on a pullback or a breakout above 3340 for continuation higher.
Explanation:
Trend: The chart shows a recent recovery after a sharp drop, marked by a strong ascending black trendline.
Resistance Zone: The grey-shaded area around 3340 acts as a significant resistance where price may face selling pressure.
Projection:
First possibility: A slight retracement to the trendline (support) followed by a bounce upward towards 3340.
Second possibility: If momentum is strong, a direct breakout above the 3340 level.
Indicators:
Red and green cloud-like bands indicate previous bullish and bearish trends (probably a Keltner Channel or Donchian Channel).
The lightning bolt icon hints that a strong move or breakout is expected soon.
This setup suggests traders might be looking for a buying opportunity on a pullback or a breakout above 3340 for continuation higher.
Trade closed: target reached
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🆓FREE FREE GOLD & CRYPTO SIGNALS✅
t.me/+v5m1fJKkyZkwOTFk
✅FOREX AND GOLD/XAUUSD SIGNALS 🔥
✅98% accurate signals
✅3-5 signals daily 🔥
✅Join us on telegram
t.me/+v5m1fJKkyZkwOTFk
t.me/+v5m1fJKkyZkwOTFk
✅FOREX AND GOLD/XAUUSD SIGNALS 🔥
✅98% accurate signals
✅3-5 signals daily 🔥
✅Join us on telegram
t.me/+v5m1fJKkyZkwOTFk
Related publications
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.