This chart represents a technical analysis of Gold CFDs (in US$/oz) on the 45-minute timeframe, as published on TradingView. Here’s a breakdown of the key elements:
Key Levels Highlighted:
1. Support Zone (~3,190 – 3,210):
Marked by a thick purple band near the bottom.
Price bounced from this zone recently, suggesting strong support.
2. Intermediate Resistance (~3,260 – 3,280):
Marked by a thinner purple box around the current price level.
May act as a short-term resistance or consolidation area.
3. Mid-Term Resistance (~3,310 – 3,340):
Yellow-highlighted band within a broader purple resistance zone.
Historically acted as resistance, and could be tested again.
4. Major Resistance (~3,360 – 3,400):
Upper thick purple band, indicating a significant supply zone.
Blue Arrows Indicate:
Bullish Scenarios:
Arrows show potential price movement paths, indicating expected bullish momentum.
Scenarios include:
1. A breakout from the current resistance leading to the mid-term resistance.
2. A possible pullback to support (~3,210), followed by a bullish reversal and breakout toward 3,360 or higher.
General Implication:
The chart suggests a bullish bias with the expectation of price breaking higher after consolidations or minor pullbacks.
Key levels (support and resistance) are crucial for trade entries and exits.
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