📈 Chart Pattern:
Gold has been trading inside an ascending channel, showing a strong uptrend. However, the price has started to decline from resistance, signaling a potential correction.
🔹 Key Levels:
Current Price: $3,036.77
Support Target: $2,980.48 - $2,978.25 (First key support level)
Stronger Support: $2,829.63 (Major trendline support)
📊 Trading Plan:
Short-term traders may look for a sell setup toward $2,980 if the price continues its pullback.
Buyers should wait for support confirmation before entering long trades.
If price breaks below $2,980, the next support to watch is around $2,829.63.
⚠️ Risk Management:
A return above $3,050 could invalidate the bearish pullback scenario.
If the price bounces from support, buyers could target new highs.
💡 Conclusion:
Gold is currently experiencing a pullback after a strong uptrend. Watch key support zones for potential trade opportunities. 📉📊
Gold has been trading inside an ascending channel, showing a strong uptrend. However, the price has started to decline from resistance, signaling a potential correction.
🔹 Key Levels:
Current Price: $3,036.77
Support Target: $2,980.48 - $2,978.25 (First key support level)
Stronger Support: $2,829.63 (Major trendline support)
📊 Trading Plan:
Short-term traders may look for a sell setup toward $2,980 if the price continues its pullback.
Buyers should wait for support confirmation before entering long trades.
If price breaks below $2,980, the next support to watch is around $2,829.63.
⚠️ Risk Management:
A return above $3,050 could invalidate the bearish pullback scenario.
If the price bounces from support, buyers could target new highs.
💡 Conclusion:
Gold is currently experiencing a pullback after a strong uptrend. Watch key support zones for potential trade opportunities. 📉📊
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.