Hi, traders. I'd like to share with you my thoughts on Gold. Analyzing the chart, we can see how the price entered a range. It originally sank to the support level, which corresponded to the buyer zone at the range's lower limit. After trading near this level for a while, the price fell deeper into the buyer zone before quickly recovering and rebounding to the range's upper border.
Following that, the price reversed and fell back into the buyer zone, where it consolidated for a while before resuming its upward trend. Shortly after, gold rallied to the resistance level, which corresponded to the seller zone, breaking out of its range.
However, gold began to fall in a downward channel. Despite attempts to recoup, the price failed and rebounded from the seller to the buyer zone. The price then moved back into the channel, resulting in a false breakout, and resumed its downward trend within the channel.
Notably, I discovered a triangular pattern in the chart, which could imply a possible breakthrough or breakdown. Given the current structure, I foresee Gold dropping to the channel's support line before resuming its upward trajectory. Based on this forecast, I have assigned a target price (TP) of $2942.
Following that, the price reversed and fell back into the buyer zone, where it consolidated for a while before resuming its upward trend. Shortly after, gold rallied to the resistance level, which corresponded to the seller zone, breaking out of its range.
However, gold began to fall in a downward channel. Despite attempts to recoup, the price failed and rebounded from the seller to the buyer zone. The price then moved back into the channel, resulting in a false breakout, and resumed its downward trend within the channel.
Notably, I discovered a triangular pattern in the chart, which could imply a possible breakthrough or breakdown. Given the current structure, I foresee Gold dropping to the channel's support line before resuming its upward trajectory. Based on this forecast, I have assigned a target price (TP) of $2942.
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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.