Gold is testing a key demand zone (2,835 - 2,842) after a strong downtrend. This area aligns with previous support and Fibonacci confluence.
🔹 RSI at 26.61 – deeply oversold, indicating a possible bounce.
🔹 Fib Levels – Price is near the 0.236 retracement (2,855) and may target 0.5 - 0.618 levels (2,878 - 2,887).
🔹 EMA Cluster Resistance – The 20/50/100 EMAs align near 2,854 - 2,858, making this a key breakout zone.
🔹 Descending Channel – A breakout above the upper trendline could confirm bullish momentum.
📌 Entry: Around 2,842 - 2,835
🎯 Targets: 2,864 / 2,878 / 2,891
🛑 SL: Below 2,830
📊 Risk/Reward: 4.03
Break above 2,858 could push further, while failure to hold 2,835 may lead to 2,820 levels. Watching for confirmation! 🚀
Thoughts? Are you bullish or still bearish? 👇
🔹 RSI at 26.61 – deeply oversold, indicating a possible bounce.
🔹 Fib Levels – Price is near the 0.236 retracement (2,855) and may target 0.5 - 0.618 levels (2,878 - 2,887).
🔹 EMA Cluster Resistance – The 20/50/100 EMAs align near 2,854 - 2,858, making this a key breakout zone.
🔹 Descending Channel – A breakout above the upper trendline could confirm bullish momentum.
📌 Entry: Around 2,842 - 2,835
🎯 Targets: 2,864 / 2,878 / 2,891
🛑 SL: Below 2,830
📊 Risk/Reward: 4.03
Break above 2,858 could push further, while failure to hold 2,835 may lead to 2,820 levels. Watching for confirmation! 🚀
Thoughts? Are you bullish or still bearish? 👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.