Gold Price Analysis: Potential Pullback After Hitting Resistance
1. Uptrend Channel Formation:
The price has been moving upwards within a parallel ascending channel (blue zone).
The midline (red dashed line) acts as a dynamic support/resistance level.
2. Current Price Action:
The price recently touched the upper boundary of the channel and faced resistance at around $2,798.
A rejection occurred, as indicated by the red arrow suggesting a potential pullback.
Key Support & Resistance Levels:
Resistance: Near $2,800 - $2,805 (upper boundary of the channel).
Support:
$2,780 - $2,770 (midline red dashed area).
$2,740 - $2,720 (lower channel boundary).
Potential Scenarios:
1. Bearish Correction (Likely Scenario)
If the price fails to hold above $2,780, it could test the $2,760-$2,740 support area.
A break below the channel may lead to a deeper correction.
2. Bullish Continuation
If buyers defend the $2,780-$2,760 support, the uptrend could resume, aiming for new highs above $2,800.
Trading Considerations:
Short-term traders: Watch for price action near $2,780-$2,760 for potential buy signals.
Breakout traders: A confirmed break below $2,740 could indicate a shift in trend.
Trade closed: target reached
🎯 Target Hit! Another Successful Trade! 🎯
Patience and strategy always pay off! As predicted, our GOLD analysis played out perfectly, hitting our target with precision. 🚀🔥
This is why we trust the process, respect market structure, and execute with confidence.
Huge thanks to all my amazing followers for your support! Let's keep learning and winning together! 💰📊
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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.