Key Observations:
Ascending Channel: Gold is trading within a well-defined upward channel. The recent rejection near the upper boundary confirms resistance at higher levels.
Pullback Underway: The price has shown a pullback from the highs and is approaching the internal trendline around $2,642, which could act as interim support.
Major Support Zone: The key support zone lies between $2,500-$2,550, coinciding with the lower boundary of the channel. This area is crucial for maintaining the bullish structure.
Expected Movement:
Ascending Channel: Gold is trading within a well-defined upward channel. The recent rejection near the upper boundary confirms resistance at higher levels.
Pullback Underway: The price has shown a pullback from the highs and is approaching the internal trendline around $2,642, which could act as interim support.
Major Support Zone: The key support zone lies between $2,500-$2,550, coinciding with the lower boundary of the channel. This area is crucial for maintaining the bullish structure.
Expected Movement:
- The price may first retest $2,642, followed by another drop to the $2,500-$2,550 support zone.
- A bullish bounce from this zone would reaffirm the long-term uptrend.
- Bearish Scenario: A break below the $2,500 support zone could invalidate the ascending channel, exposing gold to deeper declines.
Trade active
it starts the downward movement!Note
it is toward the blue area
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: 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 recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: 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.