Gold is trading within a defined rising channel, attempting to recover from a significant bearish decline. A double bottom pattern has formed at the 3,280 level, establishing key support. Currently, the price is testing the upper trendline resistance near 3,354.
Key Levels:
Resistance: 3,354 and 3,380
Support: 3,321 and 3,280
Price Action Analysis: The recent upward move has formed a higher low structure, indicating potential bullish momentum. A confirmed breakout above 3,354, supported by increased volume, could target the 3,380 resistance zone. Conversely, a rejection at the trendline and a break below 3,321 could lead to a retest of the 3,280 support.
Volume Analysis: Volume has decreased during the recent bullish move, suggesting weakening buying pressure. Traders should monitor for volume confirmation in case of a breakout or rejection to validate directional bias.
Trading Strategy:
Bullish Scenario: Enter long positions on a confirmed breakout above 3,354 with volume support, targeting 3,380.
Bearish Scenario: Consider shorts on a rejection at 3,354 or a break below 3,321, targeting 3,280.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Always manage risk effectively.
Key Levels:
Resistance: 3,354 and 3,380
Support: 3,321 and 3,280
Price Action Analysis: The recent upward move has formed a higher low structure, indicating potential bullish momentum. A confirmed breakout above 3,354, supported by increased volume, could target the 3,380 resistance zone. Conversely, a rejection at the trendline and a break below 3,321 could lead to a retest of the 3,280 support.
Volume Analysis: Volume has decreased during the recent bullish move, suggesting weakening buying pressure. Traders should monitor for volume confirmation in case of a breakout or rejection to validate directional bias.
Trading Strategy:
Bullish Scenario: Enter long positions on a confirmed breakout above 3,354 with volume support, targeting 3,380.
Bearish Scenario: Consider shorts on a rejection at 3,354 or a break below 3,321, targeting 3,280.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Always manage risk effectively.
Expert Forex & Gold Market Signals | Reliable Technical Setups Backed by Proven Analysis | Consistent, Risk-Managed Strategies | Daily Market Outlooks for Informed Decisions | Follow for Quality Over Noise
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Expert Forex & Gold Market Signals | Reliable Technical Setups Backed by Proven Analysis | Consistent, Risk-Managed Strategies | Daily Market Outlooks for Informed Decisions | Follow for Quality Over Noise
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.