Technical Analysis: On the 4-hour chart, Gold has completed a bullish breakout from a Bearish Pennant formation, defying its typical continuation pattern to the downside. This breakout is supported by a strong bullish candlestick close above both the pennant's upper boundary and the Ichimoku Cloud, indicating a potential trend reversal and shift in momentum.
Key Highlights:
Pattern: Bearish Pennant invalidated with bullish breakout.
Breakout Confirmation: Price closed above the upper resistance trendline and Ichimoku cloud.
Next Resistance Zone: Targeting 3,362 – 3,381 based on the measured move and price structure.
Support: Immediate support at 3,286 in case of a pullback.
Fundamental Context: Gold prices are rebounding amid renewed geopolitical concerns, weaker U.S. dollar performance, and increased central bank gold buying activity. This aligns with a short-term bullish narrative despite recent corrections. Any dovish signals from the Federal Reserve or weaker macroeconomic data could further fuel upward momentum.
Trend Outlook: Short-to-mid term trend is bullish following the breakout. Traders should look for bullish continuation signals and volume confirmation. A sustained move above 3,340 would further validate upside potential.
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Note: This is not financial advice. Please conduct your own research and manage risk accordingly.
Key Highlights:
Pattern: Bearish Pennant invalidated with bullish breakout.
Breakout Confirmation: Price closed above the upper resistance trendline and Ichimoku cloud.
Next Resistance Zone: Targeting 3,362 – 3,381 based on the measured move and price structure.
Support: Immediate support at 3,286 in case of a pullback.
Fundamental Context: Gold prices are rebounding amid renewed geopolitical concerns, weaker U.S. dollar performance, and increased central bank gold buying activity. This aligns with a short-term bullish narrative despite recent corrections. Any dovish signals from the Federal Reserve or weaker macroeconomic data could further fuel upward momentum.
Trend Outlook: Short-to-mid term trend is bullish following the breakout. Traders should look for bullish continuation signals and volume confirmation. A sustained move above 3,340 would further validate upside potential.
Must Support Me Share My Idea With Your Firends Mention Your Feed back Comment Section
Note: This is not financial advice. Please conduct your own research and manage risk accordingly.
Trade active
Gold has broken out of a Bearish Pennant pattern on the 4H chart, closing above resistance and – strong bullish momentum.Entry Buy : 3305 Breakout confirmed
Target: 3,362 – 3,381
Support: 3,286
Trend: Bullish
Status: Trade Active
Trade closed: target reached
Update: Target Hit – 3,380 ReachedThe bullish breakoutPattern: Bearish Pennant invalidated with bullish breakout. pattern played out as expected. Price action reached the projected target zone of 3,380, completing the move with strong momentum. Trade closed successfully with profit.
Status: Trade Completed 750+ Pips Acheived
Result: Target Hit – 3,380
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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.