Gold (CFDs) on a 1-hour timeframe
Key observations are as follows:
1. Purple Zone (Resistance Area): The price faced resistance upon reaching the purple zone and reversed, indicating a potential supply zone.
2. Blue Trendlines: Highlight the upward trend followed by a sharp downward correction.
3. Green Zone (Support Area): The price is moving toward a possible support level where buying interest might emerge.
4. Volume Analysis: The volume bars indicate significant activity, particularly near the support zone.
The price seems to be heading toward the green zone. If this level holds, a reversal to the upside could occur. However, if it breaks below, further downside movement is likely.
1. Purple Zone (Resistance Area): The price faced resistance upon reaching the purple zone and reversed, indicating a potential supply zone.
2. Blue Trendlines: Highlight the upward trend followed by a sharp downward correction.
3. Green Zone (Support Area): The price is moving toward a possible support level where buying interest might emerge.
4. Volume Analysis: The volume bars indicate significant activity, particularly near the support zone.
The price seems to be heading toward the green zone. If this level holds, a reversal to the upside could occur. However, if it breaks below, further downside movement is likely.
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