Gold recently formed a symmetrical triangle pattern, signaling potential volatility. A confirmed downside breakout from the triangle suggests bearish continuation. The price broke below the ascending support line, signaling a short opportunity. Based on the height of the triangle and technical projection, the target zone is around $2,961, aligning with previous demand levels.
Short Setup:
Entry: ~$3,237
Stop Loss: ~$3,320
Target: ~$2,980
Risk/Reward Ratio: Favorable
Fundamentals Support Bearish Bias:
Hawkish Fed stance and potential rate hikes
Strong USD amid global uncertainty
Weak physical demand in recent weeks
setup is ideal for traders looking to capitalize on a bearish breakout following a period of consolidation. Monitor for volume confirmation and macroeconomic data that may influence gold prices.
Call to Action:
👉 Follow for alerts on breakout/breakdown scenarios.
👉 Share this analysis to empower others with data-driven decisions.
Engage with My Latest Trading Setup & Share Insights!
NOTE: This is not financial advice. Trade at your own risk.
Support: Like & follow for more trade ideas!
Short Setup:
Entry: ~$3,237
Stop Loss: ~$3,320
Target: ~$2,980
Risk/Reward Ratio: Favorable
Fundamentals Support Bearish Bias:
Hawkish Fed stance and potential rate hikes
Strong USD amid global uncertainty
Weak physical demand in recent weeks
setup is ideal for traders looking to capitalize on a bearish breakout following a period of consolidation. Monitor for volume confirmation and macroeconomic data that may influence gold prices.
Call to Action:
👉 Follow for alerts on breakout/breakdown scenarios.
👉 Share this analysis to empower others with data-driven decisions.
Engage with My Latest Trading Setup & Share Insights!
NOTE: This is not financial advice. Trade at your own risk.
Support: Like & follow for more trade ideas!
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.