Gold (XAUUSD) on the 1-hour chart has formed a bearish structure after rejecting the 1st Resistance zone, showing a clear break of structure (BoS) and change of character (ChoCh). Price is currently pushing lower, aligning with the bearish momentum and sitting just above the 1st Support Zone.
If price breaks below the 1st Support Zone, the next target would be the 2nd Support Zone, around the 3,240 area. Both zones are potential areas for a bullish reaction, but momentum favors further downside for now unless a strong reversal or consolidation forms.
- 1st TP (Take Profit): Around 3,290, which aligns with the 1st Support Zone. This is your initial target where you may expect partial profit-taking or a possible bounce.
- 2nd TP (Final Target): Around 3,240, located at the 2nd Support Zone. This is a stronger support area where price may either reverse or consolidate.
So for a sell setup from the current price (~3,330):
- TP1: 3,290
- TP2: 3,240
If price breaks below the 1st Support Zone, the next target would be the 2nd Support Zone, around the 3,240 area. Both zones are potential areas for a bullish reaction, but momentum favors further downside for now unless a strong reversal or consolidation forms.
- 1st TP (Take Profit): Around 3,290, which aligns with the 1st Support Zone. This is your initial target where you may expect partial profit-taking or a possible bounce.
- 2nd TP (Final Target): Around 3,240, located at the 2nd Support Zone. This is a stronger support area where price may either reverse or consolidate.
So for a sell setup from the current price (~3,330):
- TP1: 3,290
- TP2: 3,240
Trade active
TP1 ACHEVIED NOW MARKET REACHED 3260 700 PIPS GAINED..
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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.