🟡 GOLD Technical Analysis – Double Harmonic Pattern Breakdown
On the 30-minute chart, Gold has formed two consecutive Harmonic patterns, both of which are now showing signs of exhaustion near their completion zones.
📌 Key Observations:
The first Harmonic pattern has completed and indicated an initial downside reversal.
A second Harmonic pattern formed immediately after, reinforcing the bearish bias.
Price has respected the PRZ (Potential Reversal Zone) of the second pattern and started rejecting the area.
Strong resistance is visible near the 3230–3240 levels, where both patterns converge.
The overall structure suggests a multi-pattern bearish setup, signaling a potential impulse move downward.
🎯 Target Projections:
1st Target: 3060 levels
2nd Target: 2975 levels
These are derived from measured moves of the Harmonic pattern legs and potential Fibonacci extensions.
🔔 Trading Insight:
Confirmation of the bearish move can be strengthened if price breaks below the neckline of the intermediate support (~3200).
Volume confirmation and momentum divergence (if any) should be watched to time the entry.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It is not financial advice or a trading recommendation. Please consult your financial advisor before making any trading decisions. Trading involves risk, and you should only trade with capital you can afford to lose.
On the 30-minute chart, Gold has formed two consecutive Harmonic patterns, both of which are now showing signs of exhaustion near their completion zones.
📌 Key Observations:
The first Harmonic pattern has completed and indicated an initial downside reversal.
A second Harmonic pattern formed immediately after, reinforcing the bearish bias.
Price has respected the PRZ (Potential Reversal Zone) of the second pattern and started rejecting the area.
Strong resistance is visible near the 3230–3240 levels, where both patterns converge.
The overall structure suggests a multi-pattern bearish setup, signaling a potential impulse move downward.
🎯 Target Projections:
1st Target: 3060 levels
2nd Target: 2975 levels
These are derived from measured moves of the Harmonic pattern legs and potential Fibonacci extensions.
🔔 Trading Insight:
Confirmation of the bearish move can be strengthened if price breaks below the neckline of the intermediate support (~3200).
Volume confirmation and momentum divergence (if any) should be watched to time the entry.
⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It is not financial advice or a trading recommendation. Please consult your financial advisor before making any trading decisions. Trading involves risk, and you should only trade with capital you can afford to lose.
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.