XAU/USD, Possible Down Trend, Resistance at 2.72k & 2.78k
XAU/USDE, Possible Down Trend, Resistance at 2.72k & 2.78k.
1. Price Trend:
• A descending channel is evident, indicating a short-term bearish trend.
• The price is near the upper boundary of the channel, facing resistance.
2. Highlighted Area (Target Buy Range):
• A specific zone is marked between 2,470 and 2,530, suggested as the ideal buying range. This is where the price is expected to retrace to a stronger support level.
3. Volume Profile:
• The horizontal volume bars on the right show significant activity concentrated around the 2,500 level, indicating strong support in this range.
4. Key Moving Averages MA199:
• A long-term upward trendline is still intact, hinting that the broader trend remains bullish despite the current correction.
• The chart shows convergence near potential bounce levels (2,500 zone).
Best Buying Target:
• The ideal buying range is 2,470 to 2,530, as marked on the chart. This zone aligns with:
• The lower end of the volume profile.
• The intersection of support levels and the trendline.
This range provides a lower-risk entry for a potential rebound.
1. Price Trend:
• A descending channel is evident, indicating a short-term bearish trend.
• The price is near the upper boundary of the channel, facing resistance.
2. Highlighted Area (Target Buy Range):
• A specific zone is marked between 2,470 and 2,530, suggested as the ideal buying range. This is where the price is expected to retrace to a stronger support level.
3. Volume Profile:
• The horizontal volume bars on the right show significant activity concentrated around the 2,500 level, indicating strong support in this range.
4. Key Moving Averages MA199:
• A long-term upward trendline is still intact, hinting that the broader trend remains bullish despite the current correction.
• The chart shows convergence near potential bounce levels (2,500 zone).
Best Buying Target:
• The ideal buying range is 2,470 to 2,530, as marked on the chart. This zone aligns with:
• The lower end of the volume profile.
• The intersection of support levels and the trendline.
This range provides a lower-risk entry for a potential rebound.
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626
"Trend charting as a pastime."
Disclaimer
🚨 The information provided is for educational purposes only and should not be considered as investment advice.
626
"Trend charting as a pastime."
Disclaimer
🚨 The information provided is for educational purposes only and should not be considered as investment advice.
---
626
"Trend charting as a pastime."
Disclaimer
🚨 The information provided is for educational purposes only and should not be considered as investment advice.
626
"Trend charting as a pastime."
Disclaimer
🚨 The information provided is for educational purposes only and should not be considered as investment advice.
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.