This chart represents a technical analysis of Gold (XAU/USD) on the 1-hour timeframe. Here's what it suggests:
Key Observations
1. Trend & Price Action:
Two bullish channels (marked in blue) show previous uptrends.
Price broke out of these channels sharply, leading to a strong downtrend.
2. Resistance & Support Levels:
$2,942.35 and $2,928.70 are resistance zones where price previously rejected.
$2,887.82 is a support zone, marking the 400-pip drop from the resistance area.
3. Breakdown & Price Projection:
After testing resistance, price dropped aggressively, as indicated by the downward arrows.
The chart suggests a potential retracement before continuing downward toward $2,887.82.
Conclusion
This chart highlights a successful short trade setup on Gold, capturing 400 pips. It shows a bearish continuation pattern, with possible minor pullbacks before further downside.
Are you planning to share this as a trade recap or looking for the next setup?
Key Observations
1. Trend & Price Action:
Two bullish channels (marked in blue) show previous uptrends.
Price broke out of these channels sharply, leading to a strong downtrend.
2. Resistance & Support Levels:
$2,942.35 and $2,928.70 are resistance zones where price previously rejected.
$2,887.82 is a support zone, marking the 400-pip drop from the resistance area.
3. Breakdown & Price Projection:
After testing resistance, price dropped aggressively, as indicated by the downward arrows.
The chart suggests a potential retracement before continuing downward toward $2,887.82.
Conclusion
This chart highlights a successful short trade setup on Gold, capturing 400 pips. It shows a bearish continuation pattern, with possible minor pullbacks before further downside.
Are you planning to share this as a trade recap or looking for the next setup?
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