Gold Price Technical Analysis (XAU/USD)
The attached chart presents a detailed technical analysis of gold prices on the hourly timeframe. The key highlights are as follows:
1. Supply Zone Resistance:
Price is currently trading near a supply zone around $2,632.592, where a potential rejection is anticipated. This zone acts as a significant resistance level.
2. Projected Price Movement:
Based on the technical setup, a downward price movement is expected after testing the supply zone. The price may decline towards the demand/support zone near $2,590.899 or potentially lower.
3. Key Levels to Watch:
Resistance: $2,632.592 and $2,649.935
Support: $2,604.914 and $2,590.899
This analysis is based on current market behavior, and traders should remain cautious of unexpected price fluctuations. Always apply risk management strategies while trading.
1. Supply Zone Resistance:
Price is currently trading near a supply zone around $2,632.592, where a potential rejection is anticipated. This zone acts as a significant resistance level.
2. Projected Price Movement:
Based on the technical setup, a downward price movement is expected after testing the supply zone. The price may decline towards the demand/support zone near $2,590.899 or potentially lower.
3. Key Levels to Watch:
Resistance: $2,632.592 and $2,649.935
Support: $2,604.914 and $2,590.899
This analysis is based on current market behavior, and traders should remain cautious of unexpected price fluctuations. Always apply risk management strategies while trading.
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