Analysis:
Gold has recently broken out of a descending trendline (marked in green), signaling a potential bullish continuation. After the breakout, price is now retesting the previous resistance zone around 3314.865, which may act as new support.
We anticipate a possible consolidation above this level, followed by a bullish push toward the next significant resistance at 3330.392, which aligns with the 138% Fibonacci extension.
If momentum continues, the final target is projected near the 3341.521 zone.
Key Zones:
Support: 3314.865
Resistance 1: 3330.392 (Fib extension)
Resistance 2: 3341.521 (Target area)
Bias: Bullish while price holds above the trendline and 3314.865 support zone.
Gold has recently broken out of a descending trendline (marked in green), signaling a potential bullish continuation. After the breakout, price is now retesting the previous resistance zone around 3314.865, which may act as new support.
We anticipate a possible consolidation above this level, followed by a bullish push toward the next significant resistance at 3330.392, which aligns with the 138% Fibonacci extension.
If momentum continues, the final target is projected near the 3341.521 zone.
Key Zones:
Support: 3314.865
Resistance 1: 3330.392 (Fib extension)
Resistance 2: 3341.521 (Target area)
Bias: Bullish while price holds above the trendline and 3314.865 support zone.
Trade closed: target reached
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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.