*Gold Trading Forecast Based on Chart Analysis*
**Current Market Overview:**
- **Gold Price:** $2,973.21 (as per chart)
- **Trend:** Uptrend within a rising channel
- **Recent Pattern:** Breakout from consolidation zone (highlighted in beige)
**Support & Resistance Levels:**
- **Immediate Resistance:** $3,000 (psychological level & upper channel boundary)
- **Major Resistance:** $3,100 - $3,200 (upper boundary of the blue trend channel)
- **Immediate Support:** $2,915 (recent consolidation base)
- **Strong Support Levels:**
- $2,823 (marked in red, potential pullback zone)
- $2,740 (blue support level)
- $2,611 (major support zone, lower boundary)
**Forecast & Trading Strategy:**
1. **Bullish Scenario (Breakout Above $3,000)**
- If gold crosses $3,000 with volume, it may rally toward **$3,100 - $3,200**.
- A confirmed breakout could trigger further bullish momentum.
2. **Bearish Scenario (Rejection at $3,000)**
- If gold faces rejection near **$3,000**, a pullback towards **$2,915 - $2,823** is likely.
- A break below **$2,823** could push gold toward **$2,740**.
3. **Consolidation Possibility**
- Gold may trade between **$2,915 - $3,000** before a breakout.
**Trading Plan:**
- **Long Position:** Above $3,000 targeting $3,100 - $3,200.
- **Short Position:** If price rejects $3,000, targeting $2,915 - $2,823.
- **Stop Loss:** Below $2,823 for long trades, above $3,010 for short trades.
**Current Market Overview:**
- **Gold Price:** $2,973.21 (as per chart)
- **Trend:** Uptrend within a rising channel
- **Recent Pattern:** Breakout from consolidation zone (highlighted in beige)
**Support & Resistance Levels:**
- **Immediate Resistance:** $3,000 (psychological level & upper channel boundary)
- **Major Resistance:** $3,100 - $3,200 (upper boundary of the blue trend channel)
- **Immediate Support:** $2,915 (recent consolidation base)
- **Strong Support Levels:**
- $2,823 (marked in red, potential pullback zone)
- $2,740 (blue support level)
- $2,611 (major support zone, lower boundary)
**Forecast & Trading Strategy:**
1. **Bullish Scenario (Breakout Above $3,000)**
- If gold crosses $3,000 with volume, it may rally toward **$3,100 - $3,200**.
- A confirmed breakout could trigger further bullish momentum.
2. **Bearish Scenario (Rejection at $3,000)**
- If gold faces rejection near **$3,000**, a pullback towards **$2,915 - $2,823** is likely.
- A break below **$2,823** could push gold toward **$2,740**.
3. **Consolidation Possibility**
- Gold may trade between **$2,915 - $3,000** before a breakout.
**Trading Plan:**
- **Long Position:** Above $3,000 targeting $3,100 - $3,200.
- **Short Position:** If price rejects $3,000, targeting $2,915 - $2,823.
- **Stop Loss:** Below $2,823 for long trades, above $3,010 for short trades.
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.