The chart is a *technical analysis* of *Gold (XAU/USD) on a 1-hour timeframe* using *TradingView. Below are the **tools and patterns* identified in the analysis:
---
### *Tools Used:*
1. *Trendlines:*
- *Ascending Trendline* (supporting price action).
- *Descending Triangle Line* (previous resistance).
2. *Breakout & Market Structure:*
- *BOS (Break of Structure)* indicates a shift in market direction.
- *CHoCH (Change of Character)* suggests a possible trend reversal.
- *Breakout Label* marks where price action broke the descending resistance.
3. *Fibonacci Retracement:*
- *Fib levels (0.236, 0.5, 0.618, 0.786)* are plotted to identify retracement areas.
- Price seems to react around the *0.618 retracement level*, a strong pullback zone.
4. *Entry & Stop-Loss Setup:*
- *Entry Zone* marked around *3,085*.
- *Stop-Loss (SL)* placed above *3,092*.
- *Take Profit (TP)* near *3,040*.
5. *Annotations & Arrows:*
- *Red arrows* mark swing highs.
- *Green arrows* indicate swing lows and possible buying pressure.
- *Blue projection* suggests a potential bearish move.
---
### *Patterns Identified:*
1. *Ascending Triangle Pattern:*
- The price formed *higher lows* and *horizontal resistance* before breaking out bullish.
2. *Breakout & Retest:*
- A breakout occurred, but the analysis suggests a *potential retracement* before moving further.
3. *Fibonacci Retracement-Based Setup:*
- The strategy involves waiting for a pullback at key Fib levels before entering a *short trade*.
---
### *Possible Trade Idea Based on the Chart:*
- *Short Position:*
- Entry near *3,085*.
- Stop Loss above *3,092*.
- Take Profit at *3,040*.
- Expecting price to drop after a retracement.
Would you like further insights on trade execution based on this setup?
---
### *Tools Used:*
1. *Trendlines:*
- *Ascending Trendline* (supporting price action).
- *Descending Triangle Line* (previous resistance).
2. *Breakout & Market Structure:*
- *BOS (Break of Structure)* indicates a shift in market direction.
- *CHoCH (Change of Character)* suggests a possible trend reversal.
- *Breakout Label* marks where price action broke the descending resistance.
3. *Fibonacci Retracement:*
- *Fib levels (0.236, 0.5, 0.618, 0.786)* are plotted to identify retracement areas.
- Price seems to react around the *0.618 retracement level*, a strong pullback zone.
4. *Entry & Stop-Loss Setup:*
- *Entry Zone* marked around *3,085*.
- *Stop-Loss (SL)* placed above *3,092*.
- *Take Profit (TP)* near *3,040*.
5. *Annotations & Arrows:*
- *Red arrows* mark swing highs.
- *Green arrows* indicate swing lows and possible buying pressure.
- *Blue projection* suggests a potential bearish move.
---
### *Patterns Identified:*
1. *Ascending Triangle Pattern:*
- The price formed *higher lows* and *horizontal resistance* before breaking out bullish.
2. *Breakout & Retest:*
- A breakout occurred, but the analysis suggests a *potential retracement* before moving further.
3. *Fibonacci Retracement-Based Setup:*
- The strategy involves waiting for a pullback at key Fib levels before entering a *short trade*.
---
### *Possible Trade Idea Based on the Chart:*
- *Short Position:*
- Entry near *3,085*.
- Stop Loss above *3,092*.
- Take Profit at *3,040*.
- Expecting price to drop after a retracement.
Would you like further insights on trade execution based on this setup?
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.
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.