Technical Overview (Daily Time Frame) - GOLD

GOLD https://www.tradingview.com/x/aj1JrRxX/

HELLO TRADERS

Let's start...

✅ Trend Structure:
The overall structure is bullish, with higher highs and higher lows from March onward.

Price has recently broken out of the consolidation zone and is now trading at $3,443, approaching a key resistance zone.

📏 Key Levels:
Immediate Resistance: $3,480 – $3,500 (previous highs from April)

Major Resistance: $3,560 – $3,600

Immediate Support: $3,360 – $3,320 (former range highs)

Major Support: $3,240

📊 Candlestick Signal:
The last few candles show strong bullish momentum and increasing range, indicating breakout strength.

📈 Scenario 1: Buy Setup (Breakout Continuation)
Entry: Buy at $3,450 – $3,460 (After being sure for no more rejection at 3,440-3,450)

Stop Loss (SL): $3,410

Target Price (TP):

TP1: $3,480
TP2: $3,500 (near-term resistance)
TP3: $3,550 (April swing high)

TP4: $3,600 (Geopolitical ,psychological and Fibonacci extension level)

📌 Reason: Momentum breakout of previous consolidation. Entering on strength with a pullback toward breakout retest is safer.

📉 Scenario 2: Sell Setup (Fake Breakout / Rejection)
Trigger: Only if there's a daily close below $3,400 or a strong rejection candle

Entry: Sell below $3,400

Stop Loss (SL): $3,455

Target Price (TP):

TP1: $3,360
TP2: $3,320 (previous support area)
TP3: $3,280


📌 Reason: Rejection at resistance may lead to short-term correction or liquidity sweep before higher move.



📌 CAREFULL: Classic “breakout and retest” setup. Safer than chasing highs. i.e. BUY setup safer than SELL setup.

GOOD LUCK