The chart shows a descending channel pattern within a broader range-bound market structure. The price is currently testing the upper boundary of the channel, indicating a potential breakout or rejection. Two key levels are marked:
Resistance Zone (~2,930.000 USD): A strong resistance level where selling pressure may increase. A confirmed breakout above this level could indicate further bullish momentum.
Support Zone (~2,856.000 USD): A key demand area where buyers may step in if the price moves downward. A breakdown below this level could signal continued bearish movement.
Trading Signal:
Bullish Scenario: If the price breaks above the descending channel and sustains above 2,900 USD, it may rise toward the 2,930 resistance zone. A confirmed breakout with strong volume can provide a buying opportunity.
Bearish Scenario: If the price faces rejection at the channel resistance and moves back down, it could continue toward 2,874 and potentially 2,856 USD. A breakdown below this support may indicate a selling opportunity.
Conclusion: Monitoring price action at the channel’s upper boundary is crucial. A breakout suggests bullish continuation, while a rejection indicates further downside potential.
Resistance Zone (~2,930.000 USD): A strong resistance level where selling pressure may increase. A confirmed breakout above this level could indicate further bullish momentum.
Support Zone (~2,856.000 USD): A key demand area where buyers may step in if the price moves downward. A breakdown below this level could signal continued bearish movement.
Trading Signal:
Bullish Scenario: If the price breaks above the descending channel and sustains above 2,900 USD, it may rise toward the 2,930 resistance zone. A confirmed breakout with strong volume can provide a buying opportunity.
Bearish Scenario: If the price faces rejection at the channel resistance and moves back down, it could continue toward 2,874 and potentially 2,856 USD. A breakdown below this support may indicate a selling opportunity.
Conclusion: Monitoring price action at the channel’s upper boundary is crucial. A breakout suggests bullish continuation, while a rejection indicates further downside potential.
Trade active
The gold after breaking and testing the channel raised to 2912, as expected. Take 70% of the partial and set BE.Trade closed: target reached
The gold after hitting our target running more than 600+ pips. Close all the trades.
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✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
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.