Overview:
Gold has broken out of a key descending trendline, signaling strong bullish momentum. The price is currently testing the 2,740-2,750 support zone, previously a resistance, suggesting a potential continuation to the upside.
Key Points:
Breakout Confirmation: The breakout above the descending trendline adds to the bullish case.
Support Retest: The price is now testing the breakout area, turning it into strong support.
Target Levels:
🎯 TP1: 2,790 – Previous resistance zone.
🎯 TP2: 2,828 – Next key resistance level.
Stop Loss: Below 2,708, invalidating the bullish setup if breached.
Insights:
Gold remains attractive amid market uncertainties. Watch for price action around the support zone, as further consolidation or strong bullish candles may signal a clearer entry. Patience is key for maximizing risk-reward.
Let's GOO!
Gold has broken out of a key descending trendline, signaling strong bullish momentum. The price is currently testing the 2,740-2,750 support zone, previously a resistance, suggesting a potential continuation to the upside.
Key Points:
Breakout Confirmation: The breakout above the descending trendline adds to the bullish case.
Support Retest: The price is now testing the breakout area, turning it into strong support.
Target Levels:
🎯 TP1: 2,790 – Previous resistance zone.
🎯 TP2: 2,828 – Next key resistance level.
Stop Loss: Below 2,708, invalidating the bullish setup if breached.
Insights:
Gold remains attractive amid market uncertainties. Watch for price action around the support zone, as further consolidation or strong bullish candles may signal a clearer entry. Patience is key for maximizing risk-reward.
Let's GOO!
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Telegram Link: t.me/charts_M7M
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.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
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.