This 2-hour chart of CFDs on Gold (TVC: XAU/USD) shows a bullish reversal pattern with price currently at 3,346.197, up +43.277 (+1.31%). Here's a breakdown:
🔍 Key Technical Insights:
Support Zone (~3,240): The price reversed from a strong demand zone around 3,240, forming a "V"-shaped recovery.
Breakout of Previous Resistance (~3,320–3,340): Price broke above recent consolidation, indicating bullish momentum.
Next Resistance Levels (Marked by Yellow Boxes):
Near-Term: ~3,360
Mid-Term: ~3,400
Extended Target: ~3,440 (top supply zone)
🔁 Two Possible Scenarios (Marked by Dotted Arrows):
1. Bullish Continuation: Price targets higher zones around 3,360 → 3,400 → 3,440.
2. Bearish Rejection: If price fails to hold above 3,340, a retracement back to 3,240 support is possible.
📊 Current Momentum:
Strong bullish candles suggest continued upside pressure.
If the momentum holds above 3,340, bulls may drive it toward 3,360 and beyond.
Let me know if you'd like entry/exit strategies or confirmation with RSI/Fibonacci levels.
🔍 Key Technical Insights:
Support Zone (~3,240): The price reversed from a strong demand zone around 3,240, forming a "V"-shaped recovery.
Breakout of Previous Resistance (~3,320–3,340): Price broke above recent consolidation, indicating bullish momentum.
Next Resistance Levels (Marked by Yellow Boxes):
Near-Term: ~3,360
Mid-Term: ~3,400
Extended Target: ~3,440 (top supply zone)
🔁 Two Possible Scenarios (Marked by Dotted Arrows):
1. Bullish Continuation: Price targets higher zones around 3,360 → 3,400 → 3,440.
2. Bearish Rejection: If price fails to hold above 3,340, a retracement back to 3,240 support is possible.
📊 Current Momentum:
Strong bullish candles suggest continued upside pressure.
If the momentum holds above 3,340, bulls may drive it toward 3,360 and beyond.
Let me know if you'd like entry/exit strategies or confirmation with RSI/Fibonacci levels.
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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.
t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
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.