Gold is showing strong bullish momentum on the 1H timeframe, forming a breakout structure with a well-defined resistance and support zone.
Key Levels:
📌 Resistance: Around $2,940 (previous rejection zone)
📌 Support: Around $2,900 (previous consolidation zone)
📌 Target: $3,014 (+3.16% move)
Technical Analysis:
🔹 Gold recently broke out of a bullish flag pattern after a strong uptrend.
🔹 Price successfully retested the support zone and is now pushing higher.
🔹 A breakout above $2,940 could trigger a sharp rally towards the $3,014 target.
🔹 Volume confirmation and strong momentum support further upside potential.
Trade Plan:
✅ Long above $2,940 with a target of $3,014
❌ Stop-loss below $2,900 to protect against fake breakouts
Gold remains bullish, and if the price holds above the breakout zone, we could see a strong move higher! 🚀
Key Levels:
📌 Resistance: Around $2,940 (previous rejection zone)
📌 Support: Around $2,900 (previous consolidation zone)
📌 Target: $3,014 (+3.16% move)
Technical Analysis:
🔹 Gold recently broke out of a bullish flag pattern after a strong uptrend.
🔹 Price successfully retested the support zone and is now pushing higher.
🔹 A breakout above $2,940 could trigger a sharp rally towards the $3,014 target.
🔹 Volume confirmation and strong momentum support further upside potential.
Trade Plan:
✅ Long above $2,940 with a target of $3,014
❌ Stop-loss below $2,900 to protect against fake breakouts
Gold remains bullish, and if the price holds above the breakout zone, we could see a strong move higher! 🚀
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.