Trend Overview: Gold is currently trading within a downward channel after a strong bullish trend.
Key Levels:
Resistance: Around 3,040
Support Zones: 3,000 and 2,980
Market Structure:
The price has formed lower highs, confirming a bearish channel.
A break above resistance may push the price towards 3,040+.
If the price stays below the support zone (3,000), further downside toward 2,980 is possible.
Trading Strategy:
Bullish Scenario: Break above the channel resistance may lead to a reversal.
Bearish Scenario: If rejection occurs at the current resistance, gold may continue its downtrend.
Trade wisely and manage risk!
What are your thought? Let me know in the comments.
Support me with likes and follow.
Key Levels:
Resistance: Around 3,040
Support Zones: 3,000 and 2,980
Market Structure:
The price has formed lower highs, confirming a bearish channel.
A break above resistance may push the price towards 3,040+.
If the price stays below the support zone (3,000), further downside toward 2,980 is possible.
Trading Strategy:
Bullish Scenario: Break above the channel resistance may lead to a reversal.
Bearish Scenario: If rejection occurs at the current resistance, gold may continue its downtrend.
Trade wisely and manage risk!
What are your thought? Let me know in the comments.
Support me with likes and follow.
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.