1. Resistance Zones:
The chart identifies multiple resistance levels, including a double-top resistance.
However, if gold strongly breaks above the resistance, it may invalidate the bearish double-top pattern
2. Trendline Support:
The trendline support is correctly identified, but trendlines are subjective. If broken, it could signal a trend reversal rather than a bounce.
3. Expected Price Movement:
The projected price action assumes a pullback before continuing upwards, which is reasonable.
However, the red arrow suggests a potential drop, which contradicts the bullish expectation.
4. Fundamental Factors:
Gold is heavily influenced by macroeconomic factors (interest rates, inflation, geopolitical risks). Ignoring these could make the analysis incomplete
The chart identifies multiple resistance levels, including a double-top resistance.
However, if gold strongly breaks above the resistance, it may invalidate the bearish double-top pattern
2. Trendline Support:
The trendline support is correctly identified, but trendlines are subjective. If broken, it could signal a trend reversal rather than a bounce.
3. Expected Price Movement:
The projected price action assumes a pullback before continuing upwards, which is reasonable.
However, the red arrow suggests a potential drop, which contradicts the bullish expectation.
4. Fundamental Factors:
Gold is heavily influenced by macroeconomic factors (interest rates, inflation, geopolitical risks). Ignoring these could make the analysis incomplete
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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.