Trend Identification:
Gold has been in a strong uptrend, as indicated by the 200-period moving average (blue line) sloping upwards.
However, the price is now rejecting key resistance levels around $3,032–$3,035, signaling possible consolidation or a short-term pullback.
A potential trend shift is forming, with price attempting to break out of its rising channel.
Support & Resistance Levels:
Immediate Resistance: $3,032–$3,035 (recent highs and POC zone).
Major Resistance: $3,050–$3,070 (next psychological and technical resistance).
Immediate Support: $3,020 (lower boundary of the descending channel).
Key Support: $3,010 (previous breakout zone & strong demand area).
Chart Patterns & Market Structure:
The ascending channel broke down, leading to a shift in short-term momentum.
A descending channel (red) is forming, suggesting potential for further downside in the short term.
Volume Profile (VPVR) shows a concentration of liquidity at $3,032–$3,035, indicating a strong supply zone where sellers are active.
Trade Setup & Risk Management:
📈 Bullish Trade Setup (Bounce from Key Support Zone)
Entry: Buy near $3,010–$3,015 if price stabilizes.
Stop-Loss: Below $3,000 (psychological and structural support).
Target 1: $3,032 (POC & resistance).
Target 2: $3,050–$3,070 (major resistance).
Risk-Reward Ratio (RRR): ~1:3
📉 Bearish Trade Setup (Short from Resistance Zone)
Entry: Sell near $3,032–$3,035 if rejection occurs.
Stop-Loss: Above $3,040.
Target 1: $3,020 (mid-level support).
Target 2: $3,010 (key demand zone).
RRR: ~1:2
Risk Management & Position Sizing:
Risk only 1-2% of capital per trade to manage exposure.
Adjust position size based on stop-loss distance to maintain a consistent risk profile.
Watch for volume confirmation before entering trades for better accuracy.
Gold has been in a strong uptrend, as indicated by the 200-period moving average (blue line) sloping upwards.
However, the price is now rejecting key resistance levels around $3,032–$3,035, signaling possible consolidation or a short-term pullback.
A potential trend shift is forming, with price attempting to break out of its rising channel.
Support & Resistance Levels:
Immediate Resistance: $3,032–$3,035 (recent highs and POC zone).
Major Resistance: $3,050–$3,070 (next psychological and technical resistance).
Immediate Support: $3,020 (lower boundary of the descending channel).
Key Support: $3,010 (previous breakout zone & strong demand area).
Chart Patterns & Market Structure:
The ascending channel broke down, leading to a shift in short-term momentum.
A descending channel (red) is forming, suggesting potential for further downside in the short term.
Volume Profile (VPVR) shows a concentration of liquidity at $3,032–$3,035, indicating a strong supply zone where sellers are active.
Trade Setup & Risk Management:
📈 Bullish Trade Setup (Bounce from Key Support Zone)
Entry: Buy near $3,010–$3,015 if price stabilizes.
Stop-Loss: Below $3,000 (psychological and structural support).
Target 1: $3,032 (POC & resistance).
Target 2: $3,050–$3,070 (major resistance).
Risk-Reward Ratio (RRR): ~1:3
📉 Bearish Trade Setup (Short from Resistance Zone)
Entry: Sell near $3,032–$3,035 if rejection occurs.
Stop-Loss: Above $3,040.
Target 1: $3,020 (mid-level support).
Target 2: $3,010 (key demand zone).
RRR: ~1:2
Risk Management & Position Sizing:
Risk only 1-2% of capital per trade to manage exposure.
Adjust position size based on stop-loss distance to maintain a consistent risk profile.
Watch for volume confirmation before entering trades for better accuracy.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.