Following a recent breakout above the minor bearish trendline, price action on Gold indicates a potential Market Structure Shift (CHoCH). The market is currently showing signs of bullish momentum after validating the lower demand zone.
Key Observation: Price has broken the previous lower high, suggesting a shift in short-term bias.
Potential Scenario: A corrective pullback toward the newly formed internal demand zone (around the 4,010 - 4,020 area) could be monitored for confirmation. If buyers maintain control, this structure may target the major resistance level near 4,146.
Risk Note: A clean close below the invalidation level would negate this bullish outlook. Always manage risk accordingly
Key Observation: Price has broken the previous lower high, suggesting a shift in short-term bias.
Potential Scenario: A corrective pullback toward the newly formed internal demand zone (around the 4,010 - 4,020 area) could be monitored for confirmation. If buyers maintain control, this structure may target the major resistance level near 4,146.
Risk Note: A clean close below the invalidation level would negate this bullish outlook. Always manage risk accordingly
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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.
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.