Yeah, let's break it down.
Your analysis suggests:
Gold is in an ascending channel, but showing signs of weakness.
3052 is strong resistance, so any rejection here supports the bearish bias.
Breakdown from the ascending channel could lead to targets at 3005, 2970, 2940, and 2882.
A few things we could look at together:
1. Chart Review: Check the current structure — is price hugging the lower trendline? Any bearish candlestick patterns?
2. Volume Analysis: Is volume picking up on down moves?
3. Momentum Indicators: RSI divergence or MACD crossover could help confirm.
4. Fundamentals: Is there a news catalyst supporting downside (like strong USD or rising yields)?
Your analysis suggests:
Gold is in an ascending channel, but showing signs of weakness.
3052 is strong resistance, so any rejection here supports the bearish bias.
Breakdown from the ascending channel could lead to targets at 3005, 2970, 2940, and 2882.
A few things we could look at together:
1. Chart Review: Check the current structure — is price hugging the lower trendline? Any bearish candlestick patterns?
2. Volume Analysis: Is volume picking up on down moves?
3. Momentum Indicators: RSI divergence or MACD crossover could help confirm.
4. Fundamentals: Is there a news catalyst supporting downside (like strong USD or rising yields)?
Trade active
"🎯 2TP successfully hit from 3029 to 2970. Excellent execution! The next target is in sight—stay focused and trust the process
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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.