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What are your thoughts on Gold?
Gold was recently rejected from the upper boundary of the ascending channel and the key $4,700 resistance zone, triggering a corrective move lower.
The correction pushed price toward the lower boundary of the ascending channel, where it also reached the important $4,200–$4,250 support zone. Price found support in this area and buyers managed to regain control. The 0.618 Fibonacci retracement around $4,245 also overlaps with this zone, adding further technical significance to the support.
Following this reaction, Gold has now successfully broken above the short-term descending trendline, suggesting that the recent corrective structure is losing momentum and that the bullish structure may be gradually resuming.
From here, we expect price to spend some time consolidating and fluctuating around the current levels, followed by a potential pullback toward the broken trendline.
After that, we expect Gold to begin its next bullish leg and move toward the upper boundary of the ascending channel, provided the key support structure remains intact.
On the upside, the $4,600 area represents an intermediate resistance, while the $4,680–$4,700 zone remains the key resistance area and the previous rejection point.
As long as Gold remains above the $4,200–$4,250 support zone, the broader bullish structure remains intact and the upside scenario continues to be valid.
However, a decisive break and daily close below this support zone would weaken the current bullish structure and could expose the market to a deeper correction.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on Gold?
Gold was recently rejected from the upper boundary of the ascending channel and the key $4,700 resistance zone, triggering a corrective move lower.
The correction pushed price toward the lower boundary of the ascending channel, where it also reached the important $4,200–$4,250 support zone. Price found support in this area and buyers managed to regain control. The 0.618 Fibonacci retracement around $4,245 also overlaps with this zone, adding further technical significance to the support.
Following this reaction, Gold has now successfully broken above the short-term descending trendline, suggesting that the recent corrective structure is losing momentum and that the bullish structure may be gradually resuming.
From here, we expect price to spend some time consolidating and fluctuating around the current levels, followed by a potential pullback toward the broken trendline.
After that, we expect Gold to begin its next bullish leg and move toward the upper boundary of the ascending channel, provided the key support structure remains intact.
On the upside, the $4,600 area represents an intermediate resistance, while the $4,680–$4,700 zone remains the key resistance area and the previous rejection point.
As long as Gold remains above the $4,200–$4,250 support zone, the broader bullish structure remains intact and the upside scenario continues to be valid.
However, a decisive break and daily close below this support zone would weaken the current bullish structure and could expose the market to a deeper correction.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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t.me/+1gFAIO4CJJw3NTU0
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.