Analysis
The chart for the price of gold against the dollar using "Heikin Ashi" candles on a 4-hour timeframe. Here are the details:
Price Analysis:
1. Ascending Triangle:
- The price is fluctuating within an ascending triangle, indicating the possibility of a continued uptrend.
- The upper level of the triangle acts as resistance at around $3,350.
2. Support Line:
- The ascending support line (green line) supports the price movement, enhancing the chances of the uptrend continuing.
3. Resistance Level:
- The level indicated by the red line represents the resistance that, if broken, could lead to a significant price increase.
Opening a Buy Position:
1. Confirmation of Breakout:
- Wait for confirmation of a breakout above the resistance level ($3,350) before starting to open a buy position.
- Closing a candle above the resistance level can be used as a confirmation signal.
2. Risk Management:
- Set a stop-loss below the support line of the triangle to minimize risks in case of a pullback.
3. Price Target Advice:
- Entry Price: $3,350.00
- First Target: $3,375.00
- Second Target: $3,400.00
- Third Target: $3,430.00
- 🚨 Stop Loss: $3,329.00
4. Ongoing Technical Analysis:
- Periodically review the analysis to ensure the trend continues and to identify potential changes.
The chart for the price of gold against the dollar using "Heikin Ashi" candles on a 4-hour timeframe. Here are the details:
Price Analysis:
1. Ascending Triangle:
- The price is fluctuating within an ascending triangle, indicating the possibility of a continued uptrend.
- The upper level of the triangle acts as resistance at around $3,350.
2. Support Line:
- The ascending support line (green line) supports the price movement, enhancing the chances of the uptrend continuing.
3. Resistance Level:
- The level indicated by the red line represents the resistance that, if broken, could lead to a significant price increase.
Opening a Buy Position:
1. Confirmation of Breakout:
- Wait for confirmation of a breakout above the resistance level ($3,350) before starting to open a buy position.
- Closing a candle above the resistance level can be used as a confirmation signal.
2. Risk Management:
- Set a stop-loss below the support line of the triangle to minimize risks in case of a pullback.
3. Price Target Advice:
- Entry Price: $3,350.00
- First Target: $3,375.00
- Second Target: $3,400.00
- Third Target: $3,430.00
- 🚨 Stop Loss: $3,329.00
4. Ongoing Technical Analysis:
- Periodically review the analysis to ensure the trend continues and to identify potential changes.
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.
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.