Gold's Symmetrical Triangle Near Break – Support Test Imminent!

29 apr

Gold(XAUUSD) moved as I expected in my previous post and attacked the Support zone($3,282-$3,245) and Support lines for the second time. The question is, can Gold break the Support zone($3,282-$3,245) and Support lines or not!?

Please stay with me.

Gold is moving between Support zone($3,282-$3,245) and Resistance zone($3,386-$3,357) again. In fact, it can be said that Gold has been moving in a range for the past 5-6 days.

From a Classical Technical Analysis perspective, Gold appears to be forming a Symmetrical Triangle Pattern. A break of either line could indicate the next direction for Gold, but since the Symmetrical Triangle Pattern is a Continuation Pattern, the lower line is more likely to break.

In terms of Elliott Wave Theory analysis, it seems that we still have to wait for the next five downwaves.
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Today, important U.S. data — JOLTS Job Openings and CB Consumer Confidence — will be released.

Let’s quickly review their potential impact on Gold:

JOLTS Job Openings:

If the number comes lower than expected, it signals a weakening labor market, increasing the chances of a dovish Fed → Bullish for Gold.

If the number is stronger than expected, it indicates a robust labor market, pushing the Fed to stay hawkish → Bearish for Gold.

CB Consumer Confidence:

A drop in consumer confidence reflects economic worries, driving demand for safe-haven assets like Gold → Bullish.

A rise in consumer confidence shows economic strength, reducing the appeal of Gold → Bearish.

Historical Impact:

Both indices have caused strong intraday moves in Gold recently, especially if the figures surprise the market.

Summary:

Weak JOLTS and low Confidence → Gold bullish

Strong JOLTS and high Confidence → Gold bearish

Be prepared for high volatility during the releases. Always manage your risk carefully!
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I expect Gold to attack the Support zone($3,282-$3,245) and Support lines for at least the third time, and if it breaks, the next target could be $3,223.

Note: If Gold can move above $3,393, we can expect more pumps and maybe make a new All-Time High(ATH).

Gold Analyze ( XAUUSD ), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

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1 mag

Trade attivo

Trade was activated = $3,321

3 mag

Trade chiuso: obiettivo raggiunto

Full Target Done