Gold 1hour chart technical analysis next move possible

This is a technical analysis chart from TradingView for Gold (CFDs on Gold, US$ per ounce) on a 1-hour timeframe. The chart includes support and resistance levels, price action, and an expected movement prediction.

Here’s what it means:

1. Current Price: The gold price is at 2,939.98, showing a decline of -12.94 (-0.44%).


2. Support and Resistance:

Resistance Levels (Red Lines): Key resistance levels are marked around 2,948.125 and 2,956.150. These are price points where selling pressure has been strong in the past.

Support Levels (Blue Lines and Pink Zones): The support zone is around 2,921.055, where buying interest has been observed.



3. Prediction (Blue Arrow): The chart suggests a potential upward movement