After two days of selling pressure, we may start to see renewed buying interest in gold today. On the 1-hour and 2-hour charts, a Head & Shoulders pattern had formed and was broken to the downside, with a successful retest confirming the breakdown. However, despite this bearish setup, gold managed to hold above the key support zone of 3305–3306, indicating that buyers are still active and defending this level.
This price action suggests that the downside momentum is weakening and a potential bullish move could unfold today.
Buy Side Scenario: If the support at 3305–3306 continues to hold, we could see upward movement toward the following target levels:
Target 1: 3380
Target 2: 3400
Target 3: 3435
Traders should monitor price action closely for confirmation before entering positions.
This price action suggests that the downside momentum is weakening and a potential bullish move could unfold today.
Buy Side Scenario: If the support at 3305–3306 continues to hold, we could see upward movement toward the following target levels:
Target 1: 3380
Target 2: 3400
Target 3: 3435
Traders should monitor price action closely for confirmation before entering positions.
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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.