Attention All Traders!!
Gold is currently moving near key resistance at 3024 after a long bearish run. The price is now slowly moving back up towards the M30 Order Block (OB).
There's also a 1H trend line forming with 200 EMA acting as resistance below it. This gives us two possible opportunities:
🚀 Breakout Opportunity:
If the price doesn’t retrace from the EMA resistance and breaks above the 1H trend line, holding steady there, it could push further towards upside.
In that case, we can look for buying opportunities and add more in layers if we see rejection from the EMA or trend line.
📉 Reversal Opportunity:
If the price taps the OB and shows bearish confirmation, we can look to sell from there, targeting the previous low.
Gold is currently moving near key resistance at 3024 after a long bearish run. The price is now slowly moving back up towards the M30 Order Block (OB).
There's also a 1H trend line forming with 200 EMA acting as resistance below it. This gives us two possible opportunities:
🚀 Breakout Opportunity:
If the price doesn’t retrace from the EMA resistance and breaks above the 1H trend line, holding steady there, it could push further towards upside.
In that case, we can look for buying opportunities and add more in layers if we see rejection from the EMA or trend line.
📉 Reversal Opportunity:
If the price taps the OB and shows bearish confirmation, we can look to sell from there, targeting the previous low.
Trade active
The market has broken the trend line with strong bullish momentum, but it's currently moving within a range. The top of this range near 3033 is a key area to watch for potential sell opportunities.The market is ranging, and the upper boundary near 3033 acts as a strong resistance level.
Waiting for bearish confirmation near this level provides a better risk-to-reward ratio.
Trade closed manually
We close the trade because market is in range and not giving us big opportunities to trade,
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.