Gold has just tapped into a strong demand zone around $2,959 - $2,968, a level that previously acted as a base for a major move up in late March.
This current price action aligns with a potential bullish reversal setup, especially after a sharp sell-off into this demand area. Here's the breakdown:
Key Zones to Watch:
Demand Zone: $2,959 - $2,968 (marked in orange)
Price is reacting here again. A bullish engulfing or strong bullish candle here could signal a reversal.
Mid-Level Resistance: $3,061
A break and close above this level will likely confirm strength in buyers and open the path to the next zone.
Supply Zone/Target: $3,120 - $3,141
Major supply area with heavy seller interest. This is the final upside target if bulls maintain momentum.
Bullish Confluence:
Oversold conditions after a rapid sell-off
Strong historical demand zone tested
Clean risk-to-reward setup for long positions
Bullish divergence forming on lower timeframes (check RSI/MACD)
Fundamentals to Watch:
We’ve got several major USD-impacting news events this week (highlighted at the bottom). Watch closely for any Fed-related statements or CPI data that could trigger volatility in gold.
Trade Idea (Not Financial Advice):
Entry: Around $2,960 - $2,970
SL: Below $2,945
TP1: $3,061
TP2: $3,141
Are you buying the dip or waiting for confirmation? Drop your comment
This current price action aligns with a potential bullish reversal setup, especially after a sharp sell-off into this demand area. Here's the breakdown:
Key Zones to Watch:
Demand Zone: $2,959 - $2,968 (marked in orange)
Price is reacting here again. A bullish engulfing or strong bullish candle here could signal a reversal.
Mid-Level Resistance: $3,061
A break and close above this level will likely confirm strength in buyers and open the path to the next zone.
Supply Zone/Target: $3,120 - $3,141
Major supply area with heavy seller interest. This is the final upside target if bulls maintain momentum.
Bullish Confluence:
Oversold conditions after a rapid sell-off
Strong historical demand zone tested
Clean risk-to-reward setup for long positions
Bullish divergence forming on lower timeframes (check RSI/MACD)
Fundamentals to Watch:
We’ve got several major USD-impacting news events this week (highlighted at the bottom). Watch closely for any Fed-related statements or CPI data that could trigger volatility in gold.
Trade Idea (Not Financial Advice):
Entry: Around $2,960 - $2,970
SL: Below $2,945
TP1: $3,061
TP2: $3,141
Are you buying the dip or waiting for confirmation? Drop your comment
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✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ Dbot dbot.frankfxx.com
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ DERIV frankfxx.com/deriv
✅FOR VIP DM: t.me/frankfx22
✅ Dbot dbot.frankfxx.com
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ DERIV frankfxx.com/deriv
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.