Gold has had a strong bullish breakout, pushing far above a previously strong resistance zone. At this stage, price is a bit overextended, meaning a pullback or retracement is likely before any further move up.
🔸 Breakout Retest Setup:
The price broke out of a well-respected resistance zone (marked in grey).
This zone now flips into support – a common behavior in price action.
Market structure remains bullish with higher highs and higher lows.
🔸 Fibonacci Retracement Zones:
From the most recent bullish move, the key retracement levels are:
0.382 (3,256) → Shallow pullback (less probable)
0.5 (3,250) → Ideal pullback zone
0.618 (3,244) → Strong confluence with M15 Order Block (OB)
These zones are where institutional traders often re-enter after a breakout.
So we can take our entries from these fib levels
🔸 Breakout Retest Setup:
The price broke out of a well-respected resistance zone (marked in grey).
This zone now flips into support – a common behavior in price action.
Market structure remains bullish with higher highs and higher lows.
🔸 Fibonacci Retracement Zones:
From the most recent bullish move, the key retracement levels are:
0.382 (3,256) → Shallow pullback (less probable)
0.5 (3,250) → Ideal pullback zone
0.618 (3,244) → Strong confluence with M15 Order Block (OB)
These zones are where institutional traders often re-enter after a breakout.
So we can take our entries from these fib levels
Trade active
The market tap the Fibonacci 0.38 zone its high chance market gonna show reversal from here so we can take our buy side entry at 3255
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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.
🗣Daily forex updates 🇺🇲🌎🗣Fundamentals and Technical experts🗣GBP specialists & Gold🗣weekly 1500-2000pips🗣chart patterns 👍 t.me/ApexBullGold
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.