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.
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.
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.