This 15-minute chart of Gold Spot (XAU/USD) shows an uptrend with key resistance and support levels. After breaking above a strong resistance zone (red area), the price continued its bullish movement along a trendline. A recent consolidation (yellow triangle) suggests a potential continuation toward the target of 3,150
Explanation:
1. Breakout Zone: The price broke past a key resistance level (red zone), which now acts as support.
2. Uptrend Line: The price is following a rising trendline, showing continued strength.
3. Bullish Continuation Pattern: A small consolidation (triangle) suggests another upward push.
4. Target: If the breakout continues, the price may reach 3,150.
This analysis indicates a strong bullish momentum, with price action favoring further gains.
Explanation:
1. Breakout Zone: The price broke past a key resistance level (red zone), which now acts as support.
2. Uptrend Line: The price is following a rising trendline, showing continued strength.
3. Bullish Continuation Pattern: A small consolidation (triangle) suggests another upward push.
4. Target: If the breakout continues, the price may reach 3,150.
This analysis indicates a strong bullish momentum, with price action favoring further gains.
Trade closed: target reached
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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.