Market Structure & Technical Overview:
Current Price: $3,201.36
Trend: Currently in a short-term bullish retracement within a broader descending channel.
Pattern: Price appears to have broken out of a falling wedge (bullish reversal pattern), suggesting a potential reversal to the upside.
Key Zones:
Support: $3,190 - $3,208 (green zone, previous demand)
Resistance:
$3,220 - $3,228 (minor supply zone)
$3,231 - $3,234 (major supply zone aligned with descending trendline resistance)
Confluences:
Bullish Reversal Signs: Price bounced from a strong support and formed higher lows after the May 15th low.
Liquidity Grab: Possible stop hunt beneath previous lows before a bullish push (yellow highlighted box).
Projected Path: The yellow projected path suggests an initial move to test $3,228 zone, minor retracement, then continuation to $3,234+
📈 Trade Idea: Bullish Continuation Setup
Entry Idea:
Buy on Retest: Enter long around $3,208 - $3,210 if price retests broken resistance (now support).
Aggressive Entry: Enter on a confirmed breakout above $3,221 with volume.
Targets:
TP1: $3,228
TP2: $3,231
TP3: $3,234 (aligns with upper descending trendline and supply zone)
Stop Loss:
Below $3,190 (under key structure & demand zone)
Current Price: $3,201.36
Trend: Currently in a short-term bullish retracement within a broader descending channel.
Pattern: Price appears to have broken out of a falling wedge (bullish reversal pattern), suggesting a potential reversal to the upside.
Key Zones:
Support: $3,190 - $3,208 (green zone, previous demand)
Resistance:
$3,220 - $3,228 (minor supply zone)
$3,231 - $3,234 (major supply zone aligned with descending trendline resistance)
Confluences:
Bullish Reversal Signs: Price bounced from a strong support and formed higher lows after the May 15th low.
Liquidity Grab: Possible stop hunt beneath previous lows before a bullish push (yellow highlighted box).
Projected Path: The yellow projected path suggests an initial move to test $3,228 zone, minor retracement, then continuation to $3,234+
📈 Trade Idea: Bullish Continuation Setup
Entry Idea:
Buy on Retest: Enter long around $3,208 - $3,210 if price retests broken resistance (now support).
Aggressive Entry: Enter on a confirmed breakout above $3,221 with volume.
Targets:
TP1: $3,228
TP2: $3,231
TP3: $3,234 (aligns with upper descending trendline and supply zone)
Stop Loss:
Below $3,190 (under key structure & demand zone)
Trade active
Trade closed: target reached
GOLD running over 800 pipsNote
target done 1300 pips
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.
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.