Gold is currently showing signs of a potential reversal after reaching the upper boundary of a rising channel. Price action touched the resistance level near 3,364 USD and has started pulling back, indicating that bearish momentum might be setting in.
Key Levels:
Entry Point: 3,330 USD
Resistance: 3,364 USD
Target: 3,280 USD
The current structure suggests a possible breakdown from the ascending channel, with price targeting the lower support zone near 3,280 USD. A break and close below the channel support could open the door for further downside.
Trade Idea:
This setup could offer a short opportunity if price continues to respect the channel resistance. Confirmation of downward momentum below 3,320 USD could strengthen the bearish case.
As always, proper risk management is essential. Watch closely for invalidation if price reclaims the resistance zone.
Key Levels:
Entry Point: 3,330 USD
Resistance: 3,364 USD
Target: 3,280 USD
The current structure suggests a possible breakdown from the ascending channel, with price targeting the lower support zone near 3,280 USD. A break and close below the channel support could open the door for further downside.
Trade Idea:
This setup could offer a short opportunity if price continues to respect the channel resistance. Confirmation of downward momentum below 3,320 USD could strengthen the bearish case.
As always, proper risk management is essential. Watch closely for invalidation if price reclaims the resistance zone.
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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.
Related publications
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.