GOLD MAKE NEW RECORD GOLD WILL BE FLY

This is a technical analysis chart for Gold Spot (XAU/USD) on the 1-hour timeframe from FOREXCOM, displayed using TradingView. The analysis suggests a bullish trend continuation with specific take profit (TP) levels and a defined stop-loss (SL) level.

Key Observations:

1. Current Price: $2,905.78


2. Buy Entry Point: Around $2,906.24


3. Take Profit Levels:

TP1: $2,928.44

TP2: $2,944.22

TP3: $2,975.42



4. Stop Loss: Positioned around $2,876.89 – $2,876.47


5. Trend Analysis:

The price has been in an ascending channel (highlighted in yellow).

A breakout above the recent consolidation suggests a potential continuation of the uptrend.

The blue shaded area represents the buy zone, expecting price action to move towards the take profit levels.



6. Projected Price Movement:

The black arrows indicate potential pullbacks before moving higher.

The price is expected to test TP1, then possibly TP2 and TP3.




Conclusion:

This analysis is bullish on XAU/USD, suggesting buying opportunities with a structured risk-to-reward setup. Traders should watch for confirmation of the breakout and manage risk with the defined stop-loss level.