Gold is trading within a defined rising channel, attempting to recover from a significant bearish decline. A double bottom pattern has formed at the 3,280 level, establishing key support. Currently, the price is testing the upper trendline resistance near 3,354.
Key Levels:
Resistance: 3,354 and 3,380
Support: 3,321 and 3,280
Price Action Analysis: The recent upward move has formed a higher low structure, indicating potential bullish momentum. A confirmed breakout above 3,354, supported by increased volume, could target the 3,380 resistance zone. Conversely, a rejection at the trendline and a break below 3,321 could lead to a retest of the 3,280 support.
Volume Analysis: Volume has decreased during the recent bullish move, suggesting weakening buying pressure. Traders should monitor for volume confirmation in case of a breakout or rejection to validate directional bias.
Trading Strategy:
Bullish Scenario: Enter long positions on a confirmed breakout above 3,354 with volume support, targeting 3,380.
Bearish Scenario: Consider shorts on a rejection at 3,354 or a break below 3,321, targeting 3,280.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Always manage risk effectively.
Key Levels:
Resistance: 3,354 and 3,380
Support: 3,321 and 3,280
Price Action Analysis: The recent upward move has formed a higher low structure, indicating potential bullish momentum. A confirmed breakout above 3,354, supported by increased volume, could target the 3,380 resistance zone. Conversely, a rejection at the trendline and a break below 3,321 could lead to a retest of the 3,280 support.
Volume Analysis: Volume has decreased during the recent bullish move, suggesting weakening buying pressure. Traders should monitor for volume confirmation in case of a breakout or rejection to validate directional bias.
Trading Strategy:
Bullish Scenario: Enter long positions on a confirmed breakout above 3,354 with volume support, targeting 3,380.
Bearish Scenario: Consider shorts on a rejection at 3,354 or a break below 3,321, targeting 3,280.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Always manage risk effectively.
Expert Forex & Gold Market Signals | Reliable Technical Setups Backed by Proven Analysis | Consistent, Risk-Managed Strategies | Daily Market Outlooks for Informed Decisions | Follow for Quality Over Noise
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.
Expert Forex & Gold Market Signals | Reliable Technical Setups Backed by Proven Analysis | Consistent, Risk-Managed Strategies | Daily Market Outlooks for Informed Decisions | Follow for Quality Over Noise
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.