Gold Spot / U.S. DollarUpdated Gold’s Bullish Surge Eyeing the $2,700 Breakout!
The chart displays a bullish recovery following a significant downtrend, transitioning into an uptrend within a defined ascending channel. A symmetrical triangle breakout during the bearish phase marked the beginning of this upward movement. Key support is identified around $2,600, while resistance levels are at $2,697, aligned with the 100% Fibonacci projection, and $2,728, which corresponds to the 138.2% Fibonacci extension and acts as a potential exhaustion point. The psychological level of $2,700 plays a critical role as a resistance zone. The price is currently near the upper boundary of the ascending channel, suggesting possible resistance and a chance for consolidation or retracement. If the price breaks above $2,700, it could target $2,728 or higher, while a rejection might lead to a pullback toward the midline or lower boundary of the channel. The bullish momentum remains intact, and traders could consider entering on a breakout above $2,700 or on a retracement near the channel’s lower boundary. Targets lie at $2,728 or higher, with stops placed below the last swing low or channel support. This chart signals a strong bullish trend with critical action expected around the $2,700 level.
Trade closed: target reached
Everyone now celebrating ATH of GOLD. How many of you remember what i said days and days ago 2700+++++ Boom 🧀😎
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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.