🟡 GOLD – Short-Term Technical Analysis-
Chart Pattern Observed:
Gold has formed an expanding triangle pattern on the current time frame. This pattern typically suggests high volatility and potential for sharp moves once a breakout or breakdown occurs.
Key Observations:
Price Action & Fibonacci Retracement:
Gold has retraced 38.2% from the recent downtrend, as marked on the chart.
The current price is struggling near the resistance line of the expanding triangle (highlighted with a green circle).
Historically, the 38.2% retracement level often acts as a strong resistance zone in weak pullbacks.
Volume Analysis:
As the price rallied to the top of the triangle, the volume steadily declined.
This divergence between price and volume signals weak buying interest, often seen before a reversal.
Awesome Oscillator (AO):
AO is flattening and starting to decrease, indicating that momentum is fading on the upside.
This aligns with the volume analysis suggesting bullish exhaustion.
Resistance Confirmation:
Price has just touched the upper trendline of the expanding triangle, a critical resistance zone.
The confluence of the triangle resistance and 38.2% Fibonacci level increases the likelihood of rejection.
Projected Downside Target:
If price fails to break out and sustains below the resistance zone, we may see a sharp impulsive fall.
The projected downside target is near the 2920 level, as shown in your chart.
🔻 Bearish Bias: Awaiting Confirmation
Watch for bearish candles, breakdown from the triangle support, or a clear rejection pattern near current levels.
📌 Conclusion:
Gold's short-term uptrend seems exhausted as per volume and momentum indicators. The expanding triangle resistance and 38.2% retracement level are acting as strong hurdles. A rejection from here may trigger an impulsive decline toward 2920.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security. Please do your own research or consult a certified financial advisor before making any trading decisions. Market conditions can change rapidly.
Chart Pattern Observed:
Gold has formed an expanding triangle pattern on the current time frame. This pattern typically suggests high volatility and potential for sharp moves once a breakout or breakdown occurs.
Key Observations:
Price Action & Fibonacci Retracement:
Gold has retraced 38.2% from the recent downtrend, as marked on the chart.
The current price is struggling near the resistance line of the expanding triangle (highlighted with a green circle).
Historically, the 38.2% retracement level often acts as a strong resistance zone in weak pullbacks.
Volume Analysis:
As the price rallied to the top of the triangle, the volume steadily declined.
This divergence between price and volume signals weak buying interest, often seen before a reversal.
Awesome Oscillator (AO):
AO is flattening and starting to decrease, indicating that momentum is fading on the upside.
This aligns with the volume analysis suggesting bullish exhaustion.
Resistance Confirmation:
Price has just touched the upper trendline of the expanding triangle, a critical resistance zone.
The confluence of the triangle resistance and 38.2% Fibonacci level increases the likelihood of rejection.
Projected Downside Target:
If price fails to break out and sustains below the resistance zone, we may see a sharp impulsive fall.
The projected downside target is near the 2920 level, as shown in your chart.
🔻 Bearish Bias: Awaiting Confirmation
Watch for bearish candles, breakdown from the triangle support, or a clear rejection pattern near current levels.
📌 Conclusion:
Gold's short-term uptrend seems exhausted as per volume and momentum indicators. The expanding triangle resistance and 38.2% retracement level are acting as strong hurdles. A rejection from here may trigger an impulsive decline toward 2920.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security. Please do your own research or consult a certified financial advisor before making any trading decisions. Market conditions can change rapidly.
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.
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.