Current Price: $2,936
1-Hour (H1) Chart Analysis:
📌 Consolidation Below Resistance – Gold has been struggling to break above a key resistance zone around $2,950, which is marked by multiple rejections (red resistance line). The price action suggests range-bound movement in the short term.
📌 Bullish Wick & Support Holding – A notable bullish wick appeared, showing that buyers stepped in at lower levels, reinforcing support around $2,920. This is a sign that buyers are still interested in keeping gold above key levels.
📌 Short-Term Trend – Despite minor pullbacks, gold remains in an uptrend on the H1 timeframe, supported by higher lows and the trendline support (green line).
📌 Indicators:
✔️ Moving Averages suggest supportive momentum, as price is still holding above the short-term EMAs.
✔️ A breakout above $2,950 could push gold toward $2,980 - $3,000.
H1 Prediction:
📈 Bullish Scenario: If gold breaks and holds above $2,950, expect an upside move to $2,980 - $3,000.
📉 Bearish Scenario: A rejection at $2,950 could trigger a pullback toward $2,920 - $2,900.
Daily (D1) Chart Analysis:
📌 Strong Uptrend & Channel Formation – Gold has been in a steady bullish trend, forming higher highs and higher lows within an ascending channel (red trendlines).
📌 Key Resistance at $2,950-$3,000 – The next major psychological resistance is around $3,000, which aligns with the upper trendline resistance. If momentum continues, gold could test this level soon.
📌 Strong Support at $2,880-$2,860 – The green trendline acts as dynamic support. If gold retraces, this zone should hold as key buying support before another push higher.
📌 Indicators:
✔️ Gold remains well-supported by trendlines and moving averages.
✔️ A break above $2,950 will likely accelerate buying interest toward $3,100.
✔️ If gold retraces, buyers are likely to step in around $2,880-$2,860.
D1 Prediction:
📈 Bullish Scenario: If momentum continues, gold could break above $2,950 and target $3,000-$3,100 in the coming weeks.
📉 Bearish Scenario: A pullback toward $2,880-$2,860 is possible before resuming the uptrend.
Final Outlook:
🚀 Overall Bias: Bullish
🔸 Short-Term (H1): Watching for a breakout above $2,950 or a pullback to $2,920-$2,900.
🔸 Long-Term (D1): If gold holds above $2,880-$2,860, the uptrend remains strong with a potential rally to $3,000-$3,100 in the next few weeks.
💡 Strategy:
✅ For traders looking to buy: Enter on dips near $2,900-$2,920 with a stop below $2,880.
✅ For breakout traders: Look for confirmation above $2,950-$2,960 for a push toward $3,000.
📊 Gold remains in a strong uptrend. As long as support holds, the bullish momentum is intact! 🚀
1-Hour (H1) Chart Analysis:
📌 Consolidation Below Resistance – Gold has been struggling to break above a key resistance zone around $2,950, which is marked by multiple rejections (red resistance line). The price action suggests range-bound movement in the short term.
📌 Bullish Wick & Support Holding – A notable bullish wick appeared, showing that buyers stepped in at lower levels, reinforcing support around $2,920. This is a sign that buyers are still interested in keeping gold above key levels.
📌 Short-Term Trend – Despite minor pullbacks, gold remains in an uptrend on the H1 timeframe, supported by higher lows and the trendline support (green line).
📌 Indicators:
✔️ Moving Averages suggest supportive momentum, as price is still holding above the short-term EMAs.
✔️ A breakout above $2,950 could push gold toward $2,980 - $3,000.
H1 Prediction:
📈 Bullish Scenario: If gold breaks and holds above $2,950, expect an upside move to $2,980 - $3,000.
📉 Bearish Scenario: A rejection at $2,950 could trigger a pullback toward $2,920 - $2,900.
Daily (D1) Chart Analysis:
📌 Strong Uptrend & Channel Formation – Gold has been in a steady bullish trend, forming higher highs and higher lows within an ascending channel (red trendlines).
📌 Key Resistance at $2,950-$3,000 – The next major psychological resistance is around $3,000, which aligns with the upper trendline resistance. If momentum continues, gold could test this level soon.
📌 Strong Support at $2,880-$2,860 – The green trendline acts as dynamic support. If gold retraces, this zone should hold as key buying support before another push higher.
📌 Indicators:
✔️ Gold remains well-supported by trendlines and moving averages.
✔️ A break above $2,950 will likely accelerate buying interest toward $3,100.
✔️ If gold retraces, buyers are likely to step in around $2,880-$2,860.
D1 Prediction:
📈 Bullish Scenario: If momentum continues, gold could break above $2,950 and target $3,000-$3,100 in the coming weeks.
📉 Bearish Scenario: A pullback toward $2,880-$2,860 is possible before resuming the uptrend.
Final Outlook:
🚀 Overall Bias: Bullish
🔸 Short-Term (H1): Watching for a breakout above $2,950 or a pullback to $2,920-$2,900.
🔸 Long-Term (D1): If gold holds above $2,880-$2,860, the uptrend remains strong with a potential rally to $3,000-$3,100 in the next few weeks.
💡 Strategy:
✅ For traders looking to buy: Enter on dips near $2,900-$2,920 with a stop below $2,880.
✅ For breakout traders: Look for confirmation above $2,950-$2,960 for a push toward $3,000.
📊 Gold remains in a strong uptrend. As long as support holds, the bullish momentum is intact! 🚀
Dhanda The Great
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.
Dhanda The Great
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.