Gold (XAU/USD) is currently trading inside an ascending channel, showing a bullish trend. However, a key trigger line at $2,936 will determine the next move.
🔹 Bullish Scenario:
If price stays above $2,936, we can expect a push toward $3,028 and potentially $3,085.
A breakout above $3,085 would confirm strong bullish momentum, targeting new highs.
🔻 Bearish Scenario:
A break below $2,936 could signal weakness, leading to a drop to $2,880.
If selling pressure continues, the next major support is at $2,803.
📌 Trading Plan:
🔸 Long Entry: If price holds above $2,936, with a target of $3,028 - $3,085.
🔸 Short Entry: If price breaks below $2,936, targeting $2,880 - $2,803.
🔸 Risk Management: Use stop-losses near key levels to minimize risk.
📊 Watch Volume & Price Action!
A breakout with strong volume confirms the trend direction.
Low volume means potential fakeouts—wait for confirmation before entering trades.
📢 What do you think? Share your views in the comments! 🚀
🔹 Bullish Scenario:
If price stays above $2,936, we can expect a push toward $3,028 and potentially $3,085.
A breakout above $3,085 would confirm strong bullish momentum, targeting new highs.
🔻 Bearish Scenario:
A break below $2,936 could signal weakness, leading to a drop to $2,880.
If selling pressure continues, the next major support is at $2,803.
📌 Trading Plan:
🔸 Long Entry: If price holds above $2,936, with a target of $3,028 - $3,085.
🔸 Short Entry: If price breaks below $2,936, targeting $2,880 - $2,803.
🔸 Risk Management: Use stop-losses near key levels to minimize risk.
📊 Watch Volume & Price Action!
A breakout with strong volume confirms the trend direction.
Low volume means potential fakeouts—wait for confirmation before entering trades.
📢 What do you think? Share your views in the comments! 🚀
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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.