Gold has recently broken out of a descending channel suggesting a potential shift in market sentiment This breakout coupled with a successful retest of the broken trendline could provide a strong bullish setup for the days ahead
Key Levels to Watch
Support Zone: 2950 – 2970
This area has held as a strong demand zone and marked the base for the recent rally
ST (Support- Level): 2999
A near-term level acting as minor support after the breakout
EY (Entry Zone): 3031
A favorable area for bulls to look for entries on the retest of the breakout
POI (Points of Interest): 3054 -3078
These zones could act as interim resistance or potential profit-taking levels
Resistance: 3100
A psychological and technical resistance level that may cap the move in the short term.
Market Outlook:
Following the breakout price action has shown strength with higher lows and bullish momentum If the price continues to hold above the trendline and the ST/EY zones, a move toward the POIs and possibly the resistance at 3100 is likely
Trade Idea:
Watch for a retest of the trendline or the Entry zone
Bullish confirmation (such as a bullish engulfing or strong volume spike) could offer an opportunity to go long.
Targets could be scaled through 3054 → 3078 → 3100
Manage risk below the support area (around 2950)
This setup aligns with a breakout-retest-continuation pattern which could yield a good risk-reward opportunity for traders following structure and momentum
Key Levels to Watch
Support Zone: 2950 – 2970
This area has held as a strong demand zone and marked the base for the recent rally
ST (Support- Level): 2999
A near-term level acting as minor support after the breakout
EY (Entry Zone): 3031
A favorable area for bulls to look for entries on the retest of the breakout
POI (Points of Interest): 3054 -3078
These zones could act as interim resistance or potential profit-taking levels
Resistance: 3100
A psychological and technical resistance level that may cap the move in the short term.
Market Outlook:
Following the breakout price action has shown strength with higher lows and bullish momentum If the price continues to hold above the trendline and the ST/EY zones, a move toward the POIs and possibly the resistance at 3100 is likely
Trade Idea:
Watch for a retest of the trendline or the Entry zone
Bullish confirmation (such as a bullish engulfing or strong volume spike) could offer an opportunity to go long.
Targets could be scaled through 3054 → 3078 → 3100
Manage risk below the support area (around 2950)
This setup aligns with a breakout-retest-continuation pattern which could yield a good risk-reward opportunity for traders following structure and momentum
Trade active
200pips runn...Note
retestTrade closed: target reached
700pips close
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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.