This is the Micro Gold Futures - MGC1! 4-Hour chart on COMEX.
Chart Analysis:
1. Accumulation Done: Price was ranging in the "SUPPORT" zone around $3940 - $3960 for a while. Multiple tests and held.
2. Breakout + Channel: Then we got a strong bullish move up inside a red ascending channel. Clean structure.
3. At Resistance Now: Price hit "RESISTANCE" near the top of the channel and pulled back a bit.
4. Targets Marked: 3 "TARGET ZONES" drawn for a pullback/continuation play:
- TARGET ZONE 1: ∼$4320 - $4340
- TARGET ZONE 2: ∼$4280 - $4300
- TARGET ZONE 3: ∼$4240 - $4260
Key Levels to Watch:
- Resistance: Channel top ∼$4380 - $4400. Break above this and next leg starts
- Support Zones: Those 3 green boxes. If price pulls back, these are buy areas
- Major Support: $3940 - $3960 - The big yellow zone. Lose this and bias flips bearish
Bias: Bullish while holding above $4240. The plan looks like: Buy the dip into Target Zones, ride back up to new highs. A 4H close below $4240 likely means a deeper correction to $3960 support.
Educational only. Not financial advice. Gold is news driven - watch DXY and yields
Chart Analysis:
1. Accumulation Done: Price was ranging in the "SUPPORT" zone around $3940 - $3960 for a while. Multiple tests and held.
2. Breakout + Channel: Then we got a strong bullish move up inside a red ascending channel. Clean structure.
3. At Resistance Now: Price hit "RESISTANCE" near the top of the channel and pulled back a bit.
4. Targets Marked: 3 "TARGET ZONES" drawn for a pullback/continuation play:
- TARGET ZONE 1: ∼$4320 - $4340
- TARGET ZONE 2: ∼$4280 - $4300
- TARGET ZONE 3: ∼$4240 - $4260
Key Levels to Watch:
- Resistance: Channel top ∼$4380 - $4400. Break above this and next leg starts
- Support Zones: Those 3 green boxes. If price pulls back, these are buy areas
- Major Support: $3940 - $3960 - The big yellow zone. Lose this and bias flips bearish
Bias: Bullish while holding above $4240. The plan looks like: Buy the dip into Target Zones, ride back up to new highs. A 4H close below $4240 likely means a deeper correction to $3960 support.
Educational only. Not financial advice. Gold is news driven - watch DXY and yields
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t.me/+iZwBzq15KTM1Mzc0
join telegram for free signal on gold and different markets
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join telegram for free signal on gold and different markets
t.me/+iZwBzq15KTM1Mzc0
join free telegram channel
Related publications
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.