Gold (XAU/USD) Triangle Pattern – Key Support Test Incoming! ⚠️
📊 Timeframe: 4H
💰 Current Price: $2,939
📉 Pattern: Ascending Triangle Breakdown Potential
Market Overview:
Gold has been forming an ascending triangle, with price reacting between the top resistance line and the rising trendline support. The price is now rejecting the upper boundary and could head towards key support zones before making its next move.
Key Levels to Watch:
✅ First Support Area: $2,925 - $2,930 (Short-term bounce zone)
✅ Next Support Area: $2,900 - $2,910 (Stronger demand zone & trendline support)
✅ Resistance: $2,950 (Breakout level for bullish continuation)
Technical Analysis:
🔹 Price Rejection at the Top Line of Triangle: Selling pressure is increasing near resistance.
🔹 Support Retest Possible: If price moves lower, the first support area could act as a minor bounce zone, but if broken, we may see a drop to the next support area at $2,900.
🔹 Trendline Test Incoming: The bottom line of the triangle is critical—if it holds, we could see a bullish reversal. A breakdown would signal further downside.
Trade Plan:
🔹Bearish Scenario:
- If price breaks below $2,925, it could drop towards $2,900 support.
- Short Entry: Below $2,925
- Target: $2,900
- Stop Loss: $2,945
🔹 Bullish Scenario:
- If price holds the trendline support and shows bullish confirmation, we could see a **bounce back towards $2,950.
- Long Entry: Near $2,900 with confirmation
- Target: $2,950
- Stop Loss: $2,885
📊 Timeframe: 4H
💰 Current Price: $2,939
📉 Pattern: Ascending Triangle Breakdown Potential
Market Overview:
Gold has been forming an ascending triangle, with price reacting between the top resistance line and the rising trendline support. The price is now rejecting the upper boundary and could head towards key support zones before making its next move.
Key Levels to Watch:
✅ First Support Area: $2,925 - $2,930 (Short-term bounce zone)
✅ Next Support Area: $2,900 - $2,910 (Stronger demand zone & trendline support)
✅ Resistance: $2,950 (Breakout level for bullish continuation)
Technical Analysis:
🔹 Price Rejection at the Top Line of Triangle: Selling pressure is increasing near resistance.
🔹 Support Retest Possible: If price moves lower, the first support area could act as a minor bounce zone, but if broken, we may see a drop to the next support area at $2,900.
🔹 Trendline Test Incoming: The bottom line of the triangle is critical—if it holds, we could see a bullish reversal. A breakdown would signal further downside.
Trade Plan:
🔹Bearish Scenario:
- If price breaks below $2,925, it could drop towards $2,900 support.
- Short Entry: Below $2,925
- Target: $2,900
- Stop Loss: $2,945
🔹 Bullish Scenario:
- If price holds the trendline support and shows bullish confirmation, we could see a **bounce back towards $2,950.
- Long Entry: Near $2,900 with confirmation
- Target: $2,950
- Stop Loss: $2,885
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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.