#GOLD ⟶ READY TO CLIMB??!
Today's #Gold Analysis
4-hour timeframe ⏰
According to our previous #Gold analysis, due to the gradual drop above the monthly support (2597.415) 📉, we considered the drop temporary and expected continued growth 📈.
The recent gradual drop has formed a bearish channel 📉.
A break of the bearish channel and weekly resistance at 2650.627 could be the condition for continued growth from here 🔼.
There’s also a possibility of a temporary drop again towards the support zones at 2621.958-2623.789 and 2597.415-2605.334 before the growth starts, forming a bottom from these support levels 🛡️ and then seeing a rise 📈.
Next growth targets:
Target 1: 2676.473 🎯
Target 2: 2699.107 🎯
Target 3: 2722.915 🎯
Target 4: 2811.140 🎯
Stop-loss for the growth scenario:
If the 2597.415 support is broken on the daily time-frame 📊, the mentioned scenario will be canceled, and the trend will shift from bullish to bearish 🔄.
4-hour timeframe ⏰
According to our previous #Gold analysis, due to the gradual drop above the monthly support (2597.415) 📉, we considered the drop temporary and expected continued growth 📈.
The recent gradual drop has formed a bearish channel 📉.
A break of the bearish channel and weekly resistance at 2650.627 could be the condition for continued growth from here 🔼.
There’s also a possibility of a temporary drop again towards the support zones at 2621.958-2623.789 and 2597.415-2605.334 before the growth starts, forming a bottom from these support levels 🛡️ and then seeing a rise 📈.
Next growth targets:
Target 1: 2676.473 🎯
Target 2: 2699.107 🎯
Target 3: 2722.915 🎯
Target 4: 2811.140 🎯
Stop-loss for the growth scenario:
If the 2597.415 support is broken on the daily time-frame 📊, the mentioned scenario will be canceled, and the trend will shift from bullish to bearish 🔄.
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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.
Related publications
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.