Gold (XAU/USD) Bullish Momentum: Key Buy Zone & Targets Identify
gold (XAU/USD) analysis on the 1-hour chart indicates a strong bullish trend with a clear buying opportunity. Here are the key observations:
**Analysis & Key Levels:**
1. **Uptrend Formation:**
- The price is consistently making higher highs and higher lows.
- A trendline is supporting the move, confirming bullish momentum.
2. **Support & Buying Zone:**
- The chart highlights a **possible buy zone** around 2,930–2,920.
- This area coincides with a prior resistance-turned-support, making it an ideal re-entry for buyers.
3. **Resistance & Target Levels:**
- **1st target:** Around **2,943** – a short-term resistance level.
- **2nd target:** Around **2,960–2,970**, indicating a higher timeframe resistance where price might slow down.
**Trading Plan:**
- A potential buy entry could be near the **support zone (2,930–2,920)** if price pulls back.
- If the price remains above the trendline, the bullish move is likely to continue toward 2,943 and potentially 2,970.
- A break below the trendline could invalidate the bullish move, leading to a deeper correction.
**Analysis & Key Levels:**
1. **Uptrend Formation:**
- The price is consistently making higher highs and higher lows.
- A trendline is supporting the move, confirming bullish momentum.
2. **Support & Buying Zone:**
- The chart highlights a **possible buy zone** around 2,930–2,920.
- This area coincides with a prior resistance-turned-support, making it an ideal re-entry for buyers.
3. **Resistance & Target Levels:**
- **1st target:** Around **2,943** – a short-term resistance level.
- **2nd target:** Around **2,960–2,970**, indicating a higher timeframe resistance where price might slow down.
**Trading Plan:**
- A potential buy entry could be near the **support zone (2,930–2,920)** if price pulls back.
- If the price remains above the trendline, the bullish move is likely to continue toward 2,943 and potentially 2,970.
- A break below the trendline could invalidate the bullish move, leading to a deeper correction.
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Disclaimer
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
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.