Hello Traders! 👋
What are your thoughts on Gold?
Following a strong bullish rally, Gold has entered a corrective phase. The breach of the ascending trendline provides a clear signal that the previous bullish structure is weakening. Currently, the price is performing a pullback toward a key confluence area, where the supply zone aligns with the broken trendline and the 0.5 Fibonacci retracement level.
This convergence zone is expected to act as a significant resistance, potentially leading to a price rejection. Should the price react to this level and complete the pullback, it is anticipated to initiate a new bearish wave, targeting lower support levels.
A convincing break and sustained consolidation above this resistance zone will invalidate the bearish outlook.
Please don’t forget to like and share your thoughts in the comments! ❤️
What are your thoughts on Gold?
Following a strong bullish rally, Gold has entered a corrective phase. The breach of the ascending trendline provides a clear signal that the previous bullish structure is weakening. Currently, the price is performing a pullback toward a key confluence area, where the supply zone aligns with the broken trendline and the 0.5 Fibonacci retracement level.
This convergence zone is expected to act as a significant resistance, potentially leading to a price rejection. Should the price react to this level and complete the pullback, it is anticipated to initiate a new bearish wave, targeting lower support levels.
A convincing break and sustained consolidation above this resistance zone will invalidate the bearish outlook.
Please don’t forget to like and share your thoughts in the comments! ❤️
Trade attivo
A 30% position size can be allocated at this level, while awaiting potential opportunities to add at higher zones.
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✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.