Gold's Tipping Point: Brace for a Breakout!
Gold is currently retesting a recently broken trendline on the daily chart.
On the 4H time frame, we can see that the market is consolidating and trading within a horizontal range. The price is hovering around the key level of $2,332.38, which aligns with the weekly resistance level.
A bearish breakout of the support of the range at $2,318.00 will be our signal for a potential short trade. A 4H candle close below this level will confirm the breakout, with a bearish continuation expected to at least $2,300.00.
On the flip side, a bullish breakout above the resistance of the range near $2,334.75 may push the prices higher, targeting the next monthly resistance level around $2,368.74.
Stay alert for these critical levels and adjust your strategy based on real-time market conditions.
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Daily/4H time frames
On the 4H time frame, we can see that the market is consolidating and trading within a horizontal range. The price is hovering around the key level of $2,332.38, which aligns with the weekly resistance level.
A bearish breakout of the support of the range at $2,318.00 will be our signal for a potential short trade. A 4H candle close below this level will confirm the breakout, with a bearish continuation expected to at least $2,300.00.
On the flip side, a bullish breakout above the resistance of the range near $2,334.75 may push the prices higher, targeting the next monthly resistance level around $2,368.74.
Stay alert for these critical levels and adjust your strategy based on real-time market conditions.
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Daily/4H time frames
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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.
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.