Gold is trading inside a well-defined descending channel. Price recently tested the upper boundary of the channel and is currently at a key decision point.
Key Observations:
• 🔻 Bearish Scenario:
If price fails to break and close above the channel resistance ($3,230), a rejection could lead to a move down towards the midline ($3,160), and possibly to the lower channel support near $3,115 and $3,070 zone.
• 🔺 Bullish Scenario:
A successful breakout and retest above $3,230 resistance and channel breakout could lead to a bullish continuation toward $3,300 and next key resistance near $3,375–$3,400.
📈 Indicators:
• RSI is approaching mid-level (50), suggesting a potential pivot zone.
• Market structure still favors bears unless we get a confirmed breakout.
📌 Key Levels:
• Support: $3,160 / $3,115 / $3,070
• Resistance: $3,230 / $3,300 / $3,375
📅 Outlook: Wait for confirmation. Both breakout and rejection setups are in play. Risk management is key at this decision point.
Key Observations:
• 🔻 Bearish Scenario:
If price fails to break and close above the channel resistance ($3,230), a rejection could lead to a move down towards the midline ($3,160), and possibly to the lower channel support near $3,115 and $3,070 zone.
• 🔺 Bullish Scenario:
A successful breakout and retest above $3,230 resistance and channel breakout could lead to a bullish continuation toward $3,300 and next key resistance near $3,375–$3,400.
📈 Indicators:
• RSI is approaching mid-level (50), suggesting a potential pivot zone.
• Market structure still favors bears unless we get a confirmed breakout.
📌 Key Levels:
• Support: $3,160 / $3,115 / $3,070
• Resistance: $3,230 / $3,300 / $3,375
📅 Outlook: Wait for confirmation. Both breakout and rejection setups are in play. Risk management is key at this decision point.
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.