Hey Traders!
Taking a step back and analyzing Gold on the higher timeframes, we can clearly see that price has been respecting a rising channel—though not without the occasional breakout (as always, the market rarely follows levels to perfection).
Most recently, price faced a strong rejection from the upper boundary of the channel, leaving behind a notable wick on weekly timeframe that suggests weakening bullish momentum. Based on this, I’m anticipating a deeper retracement in the coming sessions.
My next area of interest lies around the 2900 zone, which also aligns perfectly with the 78.6% Fibonacci retracement level—a key confluence that could attract buyers again.
📉 Will Gold continue sliding lower before finding support? Or are the bulls planning another surprise?
I’d love to hear your thoughts—drop your take in the comments below! 🔍👇
If this analysis provided value, a boost would mean a lot. Thanks for the support and happy trading! 🚀💛
Taking a step back and analyzing Gold on the higher timeframes, we can clearly see that price has been respecting a rising channel—though not without the occasional breakout (as always, the market rarely follows levels to perfection).
Most recently, price faced a strong rejection from the upper boundary of the channel, leaving behind a notable wick on weekly timeframe that suggests weakening bullish momentum. Based on this, I’m anticipating a deeper retracement in the coming sessions.
My next area of interest lies around the 2900 zone, which also aligns perfectly with the 78.6% Fibonacci retracement level—a key confluence that could attract buyers again.
📉 Will Gold continue sliding lower before finding support? Or are the bulls planning another surprise?
I’d love to hear your thoughts—drop your take in the comments below! 🔍👇
If this analysis provided value, a boost would mean a lot. Thanks for the support and happy trading! 🚀💛
Note
If price pushes through 3038 and shows signs of weakness, I’ll be on the lookout for a solid short setup.
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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.
🔥Free Telegram Channel For Signals👇
t.me/+cJIWSM9RjvgyYzg0
t.me/+cJIWSM9RjvgyYzg0
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.