Gold (XAU/USD) Technical Analysis - Price Structure on 30-Minute Timeframe
In the provided chart, two key support and resistance zones are identified as S_R 1 and S_R 2, which play significant roles in determining price reactions:
Resistance Zone (S_R 2):
This level represents the recent short-term peak and is likely to play a critical role in shaping the next price movement.
Support Zone (S_R 1):
If the current corrective move continues, this level could act as a crucial support area, potentially triggering a price reversal to the upside.
Possible Scenario:
After reaching the recent high (S_R 2), the price has formed a classic pattern, indicating a short-term bearish correction.
Based on the current price structure, it is anticipated that the price will first approach the marked support zone (S_R 1). After completing the correction, it is likely to resume its upward trend.
Conclusion:
The best approach is to monitor price behavior carefully and adapt strategies accordingly.
In the provided chart, two key support and resistance zones are identified as S_R 1 and S_R 2, which play significant roles in determining price reactions:
Resistance Zone (S_R 2):
This level represents the recent short-term peak and is likely to play a critical role in shaping the next price movement.
Support Zone (S_R 1):
If the current corrective move continues, this level could act as a crucial support area, potentially triggering a price reversal to the upside.
Possible Scenario:
After reaching the recent high (S_R 2), the price has formed a classic pattern, indicating a short-term bearish correction.
Based on the current price structure, it is anticipated that the price will first approach the marked support zone (S_R 1). After completing the correction, it is likely to resume its upward trend.
Conclusion:
The best approach is to monitor price behavior carefully and adapt strategies accordingly.
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