Gold is coiling up for a major move. The daily chart reveals a classic Ascending Triangle, a powerful bullish continuation pattern, suggesting the uptrend is ready to resume.
Key Pattern Elements:
Resistance: A flat, horizontal resistance level has formed around the $3,460 - $3,480 zone. This level has been tested multiple times, confirming its significance as a major hurdle.
Support: A rising trendline connects a series of higher lows, indicating consistent and strengthening buying pressure.
Trade Plan & Key Levels:
Entry Signal (Long): A decisive daily candle close above $3,480. A surge in volume on the breakout would provide strong confirmation.
Price Target: Based on the height of the triangle, the measured move projects a target near $3,800.
Invalidation: The bullish setup is negated if the price breaks down below the ascending support trendline.
Conclusion:
The battle between buyers and sellers is nearing its climax. The structure strongly favors the bulls. Patience is key—wait for a confirmed breakout above resistance before entering a long position. This setup offers a clear path to new all-time highs.
Disclaimer: This is not financial advice. Always conduct your own analysis.
Key Pattern Elements:
Resistance: A flat, horizontal resistance level has formed around the $3,460 - $3,480 zone. This level has been tested multiple times, confirming its significance as a major hurdle.
Support: A rising trendline connects a series of higher lows, indicating consistent and strengthening buying pressure.
Trade Plan & Key Levels:
Entry Signal (Long): A decisive daily candle close above $3,480. A surge in volume on the breakout would provide strong confirmation.
Price Target: Based on the height of the triangle, the measured move projects a target near $3,800.
Invalidation: The bullish setup is negated if the price breaks down below the ascending support trendline.
Conclusion:
The battle between buyers and sellers is nearing its climax. The structure strongly favors the bulls. Patience is key—wait for a confirmed breakout above resistance before entering a long position. This setup offers a clear path to new all-time highs.
Disclaimer: This is not financial advice. Always conduct your own analysis.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.