Technical analysis for Gold (XAU/USD) on the 15-minute timeframe. Here's a breakdown of the analysis:
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🔍 Technical Breakdown
1. Double Top Rejection Zone (Red Arrows):
Price has tested a horizontal resistance area twice, failing to break higher, indicating short-term bearish pressure.
This area could serve as a significant breakout zone if price returns and breaks above it.
2. Support Level Identified:
A horizontal support zone is marked just above the 200 EMA (~3,398), suggesting this is a potential demand zone or entry point.
3. EMAs:
EMA 50 (~3,427): Currently above price, could act as dynamic resistance short-term.
EMA 200 (~3,398): Acts as major support and aligns with the support level.
4. RSI Indicator (14):
RSI is hovering around 53-55: Neutral zone, not yet overbought or oversold.
Leaves room for price movement in either direction, but supports a possible bounce from support.
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📈 Forecasted Move
Expected Dip: A drop toward the support/EMA 200 zone (~3,398) is expected.
Bullish Reversal: From there, the price is expected to bounce back strongly.
Breakout Target: A breakout above the resistance zone could push price toward the target point at 3,464.540 USD.
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🧠 Trading Idea Summary
Bullish Bias: Wait for price to retest the support zone (around EMA 200).
Entry Zone: Near 3,398 if bullish confirmation forms (e.g., bullish engulfing or hammer candlestick).
Stop-Loss: Below support zone (~3,390 or lower).
Take-Profit: Around the resistance breakout target (~3,464).
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🔍 Technical Breakdown
1. Double Top Rejection Zone (Red Arrows):
Price has tested a horizontal resistance area twice, failing to break higher, indicating short-term bearish pressure.
This area could serve as a significant breakout zone if price returns and breaks above it.
2. Support Level Identified:
A horizontal support zone is marked just above the 200 EMA (~3,398), suggesting this is a potential demand zone or entry point.
3. EMAs:
EMA 50 (~3,427): Currently above price, could act as dynamic resistance short-term.
EMA 200 (~3,398): Acts as major support and aligns with the support level.
4. RSI Indicator (14):
RSI is hovering around 53-55: Neutral zone, not yet overbought or oversold.
Leaves room for price movement in either direction, but supports a possible bounce from support.
---
📈 Forecasted Move
Expected Dip: A drop toward the support/EMA 200 zone (~3,398) is expected.
Bullish Reversal: From there, the price is expected to bounce back strongly.
Breakout Target: A breakout above the resistance zone could push price toward the target point at 3,464.540 USD.
---
🧠 Trading Idea Summary
Bullish Bias: Wait for price to retest the support zone (around EMA 200).
Entry Zone: Near 3,398 if bullish confirmation forms (e.g., bullish engulfing or hammer candlestick).
Stop-Loss: Below support zone (~3,390 or lower).
Take-Profit: Around the resistance breakout target (~3,464).
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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.