Gold has been experiencing a strong rally since the beginning of March, moving within a bullish trend channel.
The breakouts of resistance zones have been robust, and retests have been holding steady.
At present, the price appears somewhat stretched as it approached the resistance line of the trend channel. Also, the price action in the past few bars indicates that buyers are losing some of their momentum in this area.
There is potential for a pullback which might lead to the previous highs at around 2956 level. Additionally, the dashed uptrend line may align with that level, providing support and triggering another upward move.
Buying at the highs should be a no-no. As the overall trend is so far up, pullbacks are low risk buys.
Disclaimer: This is not a recommendation to buy or sell gold. The analysis provided is for informational purposes only and reflects current market observations. Always conduct your own research and consult with a financial advisor before making any investment decisions.
Don't forget to boost 🚀for more ideas in future.
The breakouts of resistance zones have been robust, and retests have been holding steady.
At present, the price appears somewhat stretched as it approached the resistance line of the trend channel. Also, the price action in the past few bars indicates that buyers are losing some of their momentum in this area.
There is potential for a pullback which might lead to the previous highs at around 2956 level. Additionally, the dashed uptrend line may align with that level, providing support and triggering another upward move.
Buying at the highs should be a no-no. As the overall trend is so far up, pullbacks are low risk buys.
Disclaimer: This is not a recommendation to buy or sell gold. The analysis provided is for informational purposes only and reflects current market observations. Always conduct your own research and consult with a financial advisor before making any investment decisions.
Don't forget to boost 🚀for more ideas in future.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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.