This chart shows the 4-hour (H4) price action of XAU/USD (Gold vs. US Dollar) from TradingView, with notable zones and a predicted price movement:
Key Elements:
1. Support Zone (Highlighted in Yellow at the Bottom):
Price recently touched this zone around the 3085–3145 range.
Acts as a demand zone, where buyers may enter and push the price up.
2. Resistance Zones (Two Yellow Zones Above):
First resistance around the 3400–3437 range.
Second resistance higher, around the 3450–3550 area.
These are supply zones, where selling pressure may increase.
3. Projected Movement (Black Arrow):
Suggests a bullish reversal from the current support zone.
Potential retracement upwards, possibly targeting the first resistance zone, then the second.
4. Candlestick Pattern:
A possible reversal candlestick has formed at support, indicating buyer interest.
Summary:
This chart suggests a bullish setup for gold (XAU/USD) with a key support zone holding firm and a potential move toward 3400–3500 if momentum builds. Entry near 3100 with targets near the resistance zones and a stop below the support area could be a strategy being visualized.
Let me know if you want a risk/reward breakdown or help building a trading plan based on this.
Key Elements:
1. Support Zone (Highlighted in Yellow at the Bottom):
Price recently touched this zone around the 3085–3145 range.
Acts as a demand zone, where buyers may enter and push the price up.
2. Resistance Zones (Two Yellow Zones Above):
First resistance around the 3400–3437 range.
Second resistance higher, around the 3450–3550 area.
These are supply zones, where selling pressure may increase.
3. Projected Movement (Black Arrow):
Suggests a bullish reversal from the current support zone.
Potential retracement upwards, possibly targeting the first resistance zone, then the second.
4. Candlestick Pattern:
A possible reversal candlestick has formed at support, indicating buyer interest.
Summary:
This chart suggests a bullish setup for gold (XAU/USD) with a key support zone holding firm and a potential move toward 3400–3500 if momentum builds. Entry near 3100 with targets near the resistance zones and a stop below the support area could be a strategy being visualized.
Let me know if you want a risk/reward breakdown or help building a trading plan based on this.
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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.
Join my telegram for free signals link in below
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.