Gold technical analysis next move possible

This chart is a technical analysis of Gold (CFDs on Gold, US$/OZ) on a 1-hour timeframe from TradingView. Here’s what it represents:

1. Support and Resistance Levels:

Red Lines: Represent resistance levels, where the price has struggled to move higher.

Blue Lines: Represent support levels, where the price has previously bounced back up.



2. Current Market Status:

The price of gold is at $2,907.405, showing a decline of -1.53%.

The nearest resistance level is around $2,956.150, while a key support level is near $2,880.000 (highlighted in the red shaded zone).



3. Technical Indicators:

A bearish signal (red arrow) shows selling pressure at the recent resistance.

A bullish bounce zone is indicated in the pink shaded area, suggesting a possible reversal or buying opportunity.

A blue arrow suggests a possible upward move from the support zone.




Interpretation:

If price holds the support zone near $2,880 - $2,900, a rebound towards $2,921 - $2,956 is possible.

If price breaks below this support, further downside movement could occur.