🔍 Technical Overview – GOLD (XAU/USD)
📌 Consolidation and Breakout
Gold traded within a tight consolidation zone for several sessions, forming a range between $3,215 and $3,240. This sideways movement indicated indecision in the market.
🚀 Bullish Breakout Confirmation
A strong bullish breakout candle has emerged, pushing price above the range and signaling bullish continuation. This move was supported by increasing volume, adding confidence to the breakout.
🔄 Key Support Zone: Demand & RBS + Fibonacci
Price is now retesting the previous resistance, which aligns with a demand zone and Fibonacci retracement level a classic RBS (resistance becomes support) structure. A successful retest here may fuel the next leg higher.
🎯 Upside Targets
- First Target: $3,300
- Second Target: $3,320
- Final Resistance: $3,336
⚠️ Conclusion
The breakout above consolidation signals renewed bullish momentum. As long as price holds above the $3,240–$3,220 support zone, GOLD remains bullish with targets up to $3,336.
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📌 Consolidation and Breakout
Gold traded within a tight consolidation zone for several sessions, forming a range between $3,215 and $3,240. This sideways movement indicated indecision in the market.
🚀 Bullish Breakout Confirmation
A strong bullish breakout candle has emerged, pushing price above the range and signaling bullish continuation. This move was supported by increasing volume, adding confidence to the breakout.
🔄 Key Support Zone: Demand & RBS + Fibonacci
Price is now retesting the previous resistance, which aligns with a demand zone and Fibonacci retracement level a classic RBS (resistance becomes support) structure. A successful retest here may fuel the next leg higher.
🎯 Upside Targets
- First Target: $3,300
- Second Target: $3,320
- Final Resistance: $3,336
⚠️ Conclusion
The breakout above consolidation signals renewed bullish momentum. As long as price holds above the $3,240–$3,220 support zone, GOLD remains bullish with targets up to $3,336.
If you enjoy, press the like button.
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Disclaimer
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💸FREE FOREX Signals in Telegram : t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
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.