🟡 GOLD – Short-Term Technical Analysis-
Chart Pattern Observed:
Gold has formed an expanding triangle pattern on the current time frame. This pattern typically suggests high volatility and potential for sharp moves once a breakout or breakdown occurs.
Key Observations:
Price Action & Fibonacci Retracement:
Gold has retraced 38.2% from the recent downtrend, as marked on the chart.
The current price is struggling near the resistance line of the expanding triangle (highlighted with a green circle).
Historically, the 38.2% retracement level often acts as a strong resistance zone in weak pullbacks.
Volume Analysis:
As the price rallied to the top of the triangle, the volume steadily declined.
This divergence between price and volume signals weak buying interest, often seen before a reversal.
Awesome Oscillator (AO):
AO is flattening and starting to decrease, indicating that momentum is fading on the upside.
This aligns with the volume analysis suggesting bullish exhaustion.
Resistance Confirmation:
Price has just touched the upper trendline of the expanding triangle, a critical resistance zone.
The confluence of the triangle resistance and 38.2% Fibonacci level increases the likelihood of rejection.
Projected Downside Target:
If price fails to break out and sustains below the resistance zone, we may see a sharp impulsive fall.
The projected downside target is near the 2920 level, as shown in your chart.
🔻 Bearish Bias: Awaiting Confirmation
Watch for bearish candles, breakdown from the triangle support, or a clear rejection pattern near current levels.
📌 Conclusion:
Gold's short-term uptrend seems exhausted as per volume and momentum indicators. The expanding triangle resistance and 38.2% retracement level are acting as strong hurdles. A rejection from here may trigger an impulsive decline toward 2920.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security. Please do your own research or consult a certified financial advisor before making any trading decisions. Market conditions can change rapidly.
Chart Pattern Observed:
Gold has formed an expanding triangle pattern on the current time frame. This pattern typically suggests high volatility and potential for sharp moves once a breakout or breakdown occurs.
Key Observations:
Price Action & Fibonacci Retracement:
Gold has retraced 38.2% from the recent downtrend, as marked on the chart.
The current price is struggling near the resistance line of the expanding triangle (highlighted with a green circle).
Historically, the 38.2% retracement level often acts as a strong resistance zone in weak pullbacks.
Volume Analysis:
As the price rallied to the top of the triangle, the volume steadily declined.
This divergence between price and volume signals weak buying interest, often seen before a reversal.
Awesome Oscillator (AO):
AO is flattening and starting to decrease, indicating that momentum is fading on the upside.
This aligns with the volume analysis suggesting bullish exhaustion.
Resistance Confirmation:
Price has just touched the upper trendline of the expanding triangle, a critical resistance zone.
The confluence of the triangle resistance and 38.2% Fibonacci level increases the likelihood of rejection.
Projected Downside Target:
If price fails to break out and sustains below the resistance zone, we may see a sharp impulsive fall.
The projected downside target is near the 2920 level, as shown in your chart.
🔻 Bearish Bias: Awaiting Confirmation
Watch for bearish candles, breakdown from the triangle support, or a clear rejection pattern near current levels.
📌 Conclusion:
Gold's short-term uptrend seems exhausted as per volume and momentum indicators. The expanding triangle resistance and 38.2% retracement level are acting as strong hurdles. A rejection from here may trigger an impulsive decline toward 2920.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security. Please do your own research or consult a certified financial advisor before making any trading decisions. Market conditions can change rapidly.
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.
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.