This is a 15-minute candlestick chart of Gold Spot (XAU/USD) from TradingView. Here's my analysis based on the image:
Key Observations:
Price Levels:
Current Price: $2,903.77 (as of the last candlestick)
High: $2,939.89 - $2,942.51
Low: $2,863.75 - $2,886.63
Resistance Zone: Around $3,013.87 (highlighted in beige)
Support Zone: Around $2,863.75 - $2,872.56 (highlighted in blue)
Recent Price Action:
The price dropped sharply from a resistance area (~$2,915 - $2,940).
A strong bearish candle formed, breaking below a minor support (~$2,905).
Price is approaching a potential demand zone (~$2,865 - $2,875), where buyers may step in.
Technical Zones:
Supply Zone (Resistance) at ~$3,013.87: If price reverses and breaks upward, this could be the next major target.
Demand Zone (Support) at ~$2,865 - $2,875: Watch for potential reversal or continuation.
Market Bias:
Short-term bearish trend: The price is making lower highs and just broke a support zone.
Potential bounce from the demand zone if buyers step in.
Possible Trading Scenarios:
Bullish Reversal:
If price finds support at $2,865 - $2,875, it may bounce back toward $2,915 - $2,940.
Confirmation needed with bullish candlestick patterns (e.g., pin bar, engulfing).
Bearish Continuation:
If price breaks below $2,865, we could see further downside toward $2,850 or lower.
Watch for volume and momentum confirmation.
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