Gold Market Update & Analysis: Next Targets and Key Levels
After Saturday’s analysis, both buy targets have been successfully reached as expected. The market opened with a gap up, which invalidated the short setup due to resistance being broken, triggering further bullish momentum. As a result, both our buy targets were hit, reinforcing the overall bullish trend in gold.
Weekly Timeframe Outlook
Taking Fibonacci levels from the high to the low of the broken consolidation range, we can now identify the next major Fibonacci resistance at 3149, which serves as our next target for bullish continuation. This aligns with the prevailing uptrend and provides a clear level to monitor for potential reactions.
1-Hour Timeframe: Short-Term Reversal Before Continuation?
The latest Break of Structure (BOS) on the 1-hour timeframe indicates that price is currently reacting to a key Fibonacci resistance zone, signaling a potential short-term reversal before continuation to higher levels.
Retracement & Buy Zones
Given the recent reaction to resistance, we can anticipate a retracement before further upside. The Fibonacci retracement zone aligns with a trendline and a strong demand zone, offering a high-probability entry for longs. We can look to buy gold between 3092 and 3048, targeting further upside toward the weekly resistance at 3149.
After Saturday’s analysis, both buy targets have been successfully reached as expected. The market opened with a gap up, which invalidated the short setup due to resistance being broken, triggering further bullish momentum. As a result, both our buy targets were hit, reinforcing the overall bullish trend in gold.
Weekly Timeframe Outlook
Taking Fibonacci levels from the high to the low of the broken consolidation range, we can now identify the next major Fibonacci resistance at 3149, which serves as our next target for bullish continuation. This aligns with the prevailing uptrend and provides a clear level to monitor for potential reactions.
1-Hour Timeframe: Short-Term Reversal Before Continuation?
The latest Break of Structure (BOS) on the 1-hour timeframe indicates that price is currently reacting to a key Fibonacci resistance zone, signaling a potential short-term reversal before continuation to higher levels.
Retracement & Buy Zones
Given the recent reaction to resistance, we can anticipate a retracement before further upside. The Fibonacci retracement zone aligns with a trendline and a strong demand zone, offering a high-probability entry for longs. We can look to buy gold between 3092 and 3048, targeting further upside toward the weekly resistance at 3149.
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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.