The chart you've shared is a 1-hour timeframe for Gold Spot vs. U.S. Dollar (XAU/USD). It shows a potential short (sell) trade setup based on a resistance level rejection.
Key Elements in the Chart:
Entry Line: 3345 (highlighted with a red arrow), acting as a resistance.
Target: 3320 (expected take-profit level).
Current Price: 3346.015, slightly above the entry line.
Interpretation:
The market has approached a previous resistance zone (around 3345), where it was previously rejected.
The chart suggests a short trade at this resistance, targeting a move back down to 3320.
This is a classic sell-the-resistance or mean-reversion strategy, likely assuming the price won’t break higher immediately.
Technical Perspective:
Resistance Zone: Clearly tested multiple times, suggesting strength.
Bearish Rejection Candle(s): Might be forming at the resistance level (although the chart doesn’t zoom in on the candles).
Target: 3320 is just above the minor support area from previous consolidation.
Caution:
If price breaks and holds above 3345, this setup would be invalidated (potential breakout scenario).
It would be prudent to place a stop loss just above the resistance (not shown, but essential).
Would you like help calculating position size, risk-reward, or potential breakout scenarios as well?
Key Elements in the Chart:
Entry Line: 3345 (highlighted with a red arrow), acting as a resistance.
Target: 3320 (expected take-profit level).
Current Price: 3346.015, slightly above the entry line.
Interpretation:
The market has approached a previous resistance zone (around 3345), where it was previously rejected.
The chart suggests a short trade at this resistance, targeting a move back down to 3320.
This is a classic sell-the-resistance or mean-reversion strategy, likely assuming the price won’t break higher immediately.
Technical Perspective:
Resistance Zone: Clearly tested multiple times, suggesting strength.
Bearish Rejection Candle(s): Might be forming at the resistance level (although the chart doesn’t zoom in on the candles).
Target: 3320 is just above the minor support area from previous consolidation.
Caution:
If price breaks and holds above 3345, this setup would be invalidated (potential breakout scenario).
It would be prudent to place a stop loss just above the resistance (not shown, but essential).
Would you like help calculating position size, risk-reward, or potential breakout scenarios as well?
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Forex Gold & Crypto Signals with
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t.me/+16bIVCNBo0MzYzk0
Forex Gold & Crypto Signals with
detailed analysis & get consistent |
result ...
Gold Signals with peoper TP & SL for
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t.me/+16bIVCNBo0MzYzk0
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 telegram free...
t.me/+16bIVCNBo0MzYzk0
Forex Gold & Crypto Signals with
detailed analysis & get consistent |
result ...
Gold Signals with peoper TP & SL for
high profit ...
t.me/+16bIVCNBo0MzYzk0
t.me/+16bIVCNBo0MzYzk0
Forex Gold & Crypto Signals with
detailed analysis & get consistent |
result ...
Gold Signals with peoper TP & SL for
high profit ...
t.me/+16bIVCNBo0MzYzk0
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.