Chart Analysis – Gold (XAU/USD), 1-Hour Timeframe

This chart illustrates a recent price action for Gold CFDs. The chart shows a clear support zone around the 3,345 level (marked by the blue horizontal line), which has held multiple times in the past, confirming it as a strong support.

A sharp bearish move (highlighted by the downward arrow) occurred after price peaked near 3,400, which coincides with a potential resistance zone (purple shaded area at the top). The price then sharply dropped to retest the support level and showed a strong bullish rejection (highlighted by the lower orange circle), forming a potential double bottom pattern — a classic reversal signal.

The volume spike at the support area suggests increased buying interest, possibly indicating institutional accumulation. The projected move is marked by an upward arrow, anticipating a bullish breakout toward the resistance level near 3,385.170.

This setup suggests a potential long opportunity with the target at the upper resistance zone, contingent on price holding above the 3,345 support.