📈 GOLD BUY ANALYSIS – 4H CHART 🏆🔥
Gold has been in a downtrend but recently showed a strong rejection from a key support zone around $2,877 - $2,892, confirming bullish momentum.
🔹 Break of Trendline: Price has successfully broken a descending trendline, signaling a potential trend reversal.
🔹 Retest of Support: After breaking the trendline, price came back to test the zone, confirming it as new support.
🔹 Entry Confirmation: A bullish engulfing candle formed after the retest, adding confluence to a buy position.
🔹 Target: The next major resistance level is around $2,952, offering a solid risk-to-reward opportunity.
🔹 Stop Loss: Below the recent low at $2,877, ensuring protection in case of a reversal.
🚀 If momentum continues, we could see gold pushing higher in the coming sessions!
What’s your take on this setup? Drop your thoughts in the comments! 👇
Gold has been in a downtrend but recently showed a strong rejection from a key support zone around $2,877 - $2,892, confirming bullish momentum.
🔹 Break of Trendline: Price has successfully broken a descending trendline, signaling a potential trend reversal.
🔹 Retest of Support: After breaking the trendline, price came back to test the zone, confirming it as new support.
🔹 Entry Confirmation: A bullish engulfing candle formed after the retest, adding confluence to a buy position.
🔹 Target: The next major resistance level is around $2,952, offering a solid risk-to-reward opportunity.
🔹 Stop Loss: Below the recent low at $2,877, ensuring protection in case of a reversal.
🚀 If momentum continues, we could see gold pushing higher in the coming sessions!
What’s your take on this setup? Drop your thoughts in the comments! 👇
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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.