Technical analysis of the Gold Spot price (XAU/USD) on the 1-hour timeframe, and it outlines a bullish trade idea with clear technical indications. Here’s a breakdown of the idea and key elements:
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📈 Technical Analysis Overview
1. Support Level Zone (Highlighted)
A horizontal zone has been marked as a support level, around the 3,360 – 3,370 range.
This level previously acted as resistance and now may act as support after a breakout — classic example of role reversal.
2. Breakout Confirmation
Price has broken above the previous resistance area (now support), indicating a bullish breakout.
After the breakout, price is showing consolidation or a retest, suggesting potential continuation.
3. Moving Averages
The 50 EMA (red) is above the 200 EMA (blue), indicating a bullish trend.
Price is also trading above both EMAs, adding further confidence to the bullish bias.
4. Target Point
The analyst has projected a target at 3,454.171, which is a 2.73% move (91.6 points) from the breakout level.
This target likely corresponds to a previous high or a measured move projection.
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✅ Bullish Bias Justification
Breakout and Retest: Price has broken above resistance and is now retesting it as support — a strong bullish continuation signal.
Trend Confirmation: Price is above both EMAs, and the EMAs are in a bullish alignment.
Volume and Momentum: Although not shown, the sharp upward move suggests strong momentum.
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📌 Potential Strategy
Entry: Near current price (~3,381), ideally after confirmation of the support hold.
Stop-Loss: Below the support zone, possibly around 3,350–3,360.
Target: 3,454.171 as shown, giving a decent risk-reward ratio.
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⚠️ Risks & Considerations
False Breakout: If price fails to hold above the support zone, the breakout may be invalidated.
Overbought Conditions: After a sharp rise, some pullback is possible before continuation.
News Events: Be cautious of any major economic announcements, especially related to USD or gold.
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🧠 Final Thoughts
This idea is a classic breakout and retest setup, backed by a strong trend. The analysis looks technically sound, and the price action is aligning with bullish continuation. However, ensure you manage risk properly and monitor for any signs of reversal around the support zone.
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📈 Technical Analysis Overview
1. Support Level Zone (Highlighted)
A horizontal zone has been marked as a support level, around the 3,360 – 3,370 range.
This level previously acted as resistance and now may act as support after a breakout — classic example of role reversal.
2. Breakout Confirmation
Price has broken above the previous resistance area (now support), indicating a bullish breakout.
After the breakout, price is showing consolidation or a retest, suggesting potential continuation.
3. Moving Averages
The 50 EMA (red) is above the 200 EMA (blue), indicating a bullish trend.
Price is also trading above both EMAs, adding further confidence to the bullish bias.
4. Target Point
The analyst has projected a target at 3,454.171, which is a 2.73% move (91.6 points) from the breakout level.
This target likely corresponds to a previous high or a measured move projection.
---
✅ Bullish Bias Justification
Breakout and Retest: Price has broken above resistance and is now retesting it as support — a strong bullish continuation signal.
Trend Confirmation: Price is above both EMAs, and the EMAs are in a bullish alignment.
Volume and Momentum: Although not shown, the sharp upward move suggests strong momentum.
---
📌 Potential Strategy
Entry: Near current price (~3,381), ideally after confirmation of the support hold.
Stop-Loss: Below the support zone, possibly around 3,350–3,360.
Target: 3,454.171 as shown, giving a decent risk-reward ratio.
---
⚠️ Risks & Considerations
False Breakout: If price fails to hold above the support zone, the breakout may be invalidated.
Overbought Conditions: After a sharp rise, some pullback is possible before continuation.
News Events: Be cautious of any major economic announcements, especially related to USD or gold.
---
🧠 Final Thoughts
This idea is a classic breakout and retest setup, backed by a strong trend. The analysis looks technically sound, and the price action is aligning with bullish continuation. However, ensure you manage risk properly and monitor for any signs of reversal around the support zone.
feedback My idea like and comment's 🙏
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Join My Official Channel Link
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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.