Chart Overview
The chart shows a descending channel, marked by two downward-sloping blue trendlines.
The price recently bounced off the lower channel support, indicating a potential short-term bullish correction.
A potential W-pattern (double bottom) is forming, often a sign of reversal.
The blue projection line suggests a bullish move toward the mid or upper range of the channel.
Key Levels
Support:
Lower Channel Support: Around $3,260 — where price recently bounced.
Immediate Minor Support: Around $3,280 — recent low before bounce.
Resistance:
Immediate Resistance: Around $3,300–$3,310, near recent swing highs and the blue arrow target.
Stronger Resistance: Around $3,340, aligned with the upper channel line and previous rejection zones.
Outlook:
If price holds above $3,280, a move toward $3,300–$3,310 is likely.
A break above $3,310 could target the upper channel trendline near $3,340.
If price breaks below $3,260, expect a retest of the $3,240 zone or even lower within the descending channel.
Would you like a longer-term view or suggestions for trade setups?
The chart shows a descending channel, marked by two downward-sloping blue trendlines.
The price recently bounced off the lower channel support, indicating a potential short-term bullish correction.
A potential W-pattern (double bottom) is forming, often a sign of reversal.
The blue projection line suggests a bullish move toward the mid or upper range of the channel.
Key Levels
Support:
Lower Channel Support: Around $3,260 — where price recently bounced.
Immediate Minor Support: Around $3,280 — recent low before bounce.
Resistance:
Immediate Resistance: Around $3,300–$3,310, near recent swing highs and the blue arrow target.
Stronger Resistance: Around $3,340, aligned with the upper channel line and previous rejection zones.
Outlook:
If price holds above $3,280, a move toward $3,300–$3,310 is likely.
A break above $3,310 could target the upper channel trendline near $3,340.
If price breaks below $3,260, expect a retest of the $3,240 zone or even lower within the descending channel.
Would you like a longer-term view or suggestions for trade setups?
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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.
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
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.