Market Outlook – 15-Minute Chart Analysis
After reaching an all-time high (ATH), price action retraced to 3193 before finding support and consolidating within a rising wedge pattern inside a defined channel. The confluence of the rising wedge, declining volume, and resistance near the upper boundary of the channel suggests a potential bearish move.
We anticipate a downward push to fill the weekend breakaway gap, as illustrated on the chart. As long as the shiny metal remains below the key resistance at 3216, the bearish outlook remains valid, with the target marked clearly on the chart.
However, if price breaks above the channel’s upper boundary and decisively surpasses the 3216 resistance level, we could see a bullish continuation toward 3236.
⚠️ Reminder: Every trade carries risk. Always apply proper risk management to protect your capital first.
Wishing you a successful and green trading week!
After reaching an all-time high (ATH), price action retraced to 3193 before finding support and consolidating within a rising wedge pattern inside a defined channel. The confluence of the rising wedge, declining volume, and resistance near the upper boundary of the channel suggests a potential bearish move.
We anticipate a downward push to fill the weekend breakaway gap, as illustrated on the chart. As long as the shiny metal remains below the key resistance at 3216, the bearish outlook remains valid, with the target marked clearly on the chart.
However, if price breaks above the channel’s upper boundary and decisively surpasses the 3216 resistance level, we could see a bullish continuation toward 3236.
⚠️ Reminder: Every trade carries risk. Always apply proper risk management to protect your capital first.
Wishing you a successful and green trading week!
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.
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.