Gold just broke out of the descending price channel that's been running since the high above 4.200, closing firmly above the upper edge of the channel — a fairly clear breakout signal after a long stretch of decline. The resistance zone at 4.220–4.240 above (where a BOS occurred previously) will be the next technical target if this rally continues.
My plan is to buy right at the current price level around 4.110–4.120, stop loss below 4.070 (below the old upper channel edge), targeting a first objective at 4.150 and a further target at 4.240.
The biggest risk is if price falls back inside the channel — once price closes below 4.070, this breakout will be considered unsuccessful, and I'll stay on the sidelines waiting for a new signal rather than forcing a buy.
This is just my personal take based on technical analysis. Wishing you successful trading.
My plan is to buy right at the current price level around 4.110–4.120, stop loss below 4.070 (below the old upper channel edge), targeting a first objective at 4.150 and a further target at 4.240.
The biggest risk is if price falls back inside the channel — once price closes below 4.070, this breakout will be considered unsuccessful, and I'll stay on the sidelines waiting for a new signal rather than forcing a buy.
This is just my personal take based on technical analysis. Wishing you successful trading.
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Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.