Gold is currently consolidating within a triangle pattern, attempting to break out after forming a falling wedge. The price is fluctuating near $3,022, with key formations indicating potential volatility ahead.
Technical Analysis:
Triangle Formation – Price nearing a decisive move
Falling Wedge Breakout – Temporary bullish push, but resistance holding
Support at $3,010 - $3,020, Resistance at $3,040+
Right Shoulder Formation – Possible Head & Shoulders pattern forming
Fundamental Outlook:
Fed rate policy & inflation data impacting gold sentiment
US Dollar strength could limit upside movement
If gold holds above support, a bullish push toward $3,040 - $3,060 is possible. However, a breakdown below the triangle could send prices lower. Watch for volume confirmation!
Technical Analysis:
Triangle Formation – Price nearing a decisive move
Falling Wedge Breakout – Temporary bullish push, but resistance holding
Support at $3,010 - $3,020, Resistance at $3,040+
Right Shoulder Formation – Possible Head & Shoulders pattern forming
Fundamental Outlook:
Fed rate policy & inflation data impacting gold sentiment
US Dollar strength could limit upside movement
If gold holds above support, a bullish push toward $3,040 - $3,060 is possible. However, a breakdown below the triangle could send prices lower. Watch for volume confirmation!
Trade closed: target reached
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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.
For More Help
Telegram @Josh_trading
t.me/+rTQmlGBcbsk1YjI0
Our Channel
t.me/+sx2UuhofKsE4ODY0
Telegram @Josh_trading
t.me/+rTQmlGBcbsk1YjI0
Our Channel
t.me/+sx2UuhofKsE4ODY0
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.