Gold consolidates within a symmetrical triangle after a strong bullish rally and a sharp correction. The price is nearing the triangle's apex, suggesting a major breakout or breakdown. The structure shows sellers consistently pushing lower highs, while buyers are holding the same support zone around 3260–3270. This indicates compression, with volatility likely to expand soon.
Bullish Breakout: A clean breakout above the descending trendline and retest could trigger a rally toward 3360, 3420, and even 3480.
Bearish Breakdown: A failure to hold the horizontal support could lead to a sharp drop toward 3190, 3100, and potentially 3000.
Bullish Breakout: A clean breakout above the descending trendline and retest could trigger a rally toward 3360, 3420, and even 3480.
Bearish Breakdown: A failure to hold the horizontal support could lead to a sharp drop toward 3190, 3100, and potentially 3000.
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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.