Gold: Potential Correction After Testing Key Resistance Levels
hello guys!
Key Resistance Zone: The price has reacted strongly at this confluence of resistance, signaling the potential exhaustion of the recent bullish momentum.
Correction Scenario: A pullback to the breakout (BO) level, represented by the blue area, appears likely as the price consolidates below the resistance. This region could provide a strong support level, potentially around $2,710-$2,730.
Channel Dynamics: The price is still within an ascending channel, suggesting that a retracement would be corrective rather than a trend reversal. The lower bounds of the blue area or the midline of the channel could serve as dynamic support.
Confirmation Needed: If the price fails to hold above the BO level (blue area), the next support targets would lie near $2,678 (Fibonacci retracement zone), which aligns with the prior market structure.
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Strategy for Traders:
For Shorts: Short-term traders can look for rejection signals at the current resistance, targeting the BO level for potential profit-taking.
Key Resistance Zone: The price has reacted strongly at this confluence of resistance, signaling the potential exhaustion of the recent bullish momentum.
Correction Scenario: A pullback to the breakout (BO) level, represented by the blue area, appears likely as the price consolidates below the resistance. This region could provide a strong support level, potentially around $2,710-$2,730.
Channel Dynamics: The price is still within an ascending channel, suggesting that a retracement would be corrective rather than a trend reversal. The lower bounds of the blue area or the midline of the channel could serve as dynamic support.
Confirmation Needed: If the price fails to hold above the BO level (blue area), the next support targets would lie near $2,678 (Fibonacci retracement zone), which aligns with the prior market structure.
__________________________
Strategy for Traders:
For Shorts: Short-term traders can look for rejection signals at the current resistance, targeting the BO level for potential profit-taking.
Trade closed: target reached
almost the blue area touched!
close %80 of it
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.