🧠 Technical Analysis
Price action recently broke down from a rising wedge formation—a classic bearish pattern—indicating a short-term correction. After forming a local top near the 3,345 supply zone, price is now retracing and approaching a key demand zone around 3,295/90–3,300, which previously acted as consolidation support before the breakout.
This zone also aligns with:
Previous demand / order block area.
Liquidity grab potential below minor structure.
Psychological round number 3,300.
If bullish structure forms (e.g., double bottom, bullish engulfing) in this zone, it would confirm buyers stepping back in.
Given the strong bullish momentum prior to the wedge, this current drop is likely a healthy retracement before continuation toward higher levels.
📈 Trade Setup (Buy Limit Idea):
Buy Entry: 3,295–3,300 (within demand zone)
Stop Loss: 3,285 (below zone, structure invalidation)
Take Profit 1: 3,320 (first supply reaction level)
Take Profit 2: 3,345 (prior high/supply zone)
Take Profit 3: 3,355 (liquidity sweep above highs)
Risk-Reward: ~2.5R to TP2
Confirmation Tip: Look for bullish price action (e.g., bullish engulfing, break of minor structure) on M5–M15 before entering.
Price action recently broke down from a rising wedge formation—a classic bearish pattern—indicating a short-term correction. After forming a local top near the 3,345 supply zone, price is now retracing and approaching a key demand zone around 3,295/90–3,300, which previously acted as consolidation support before the breakout.
This zone also aligns with:
Previous demand / order block area.
Liquidity grab potential below minor structure.
Psychological round number 3,300.
If bullish structure forms (e.g., double bottom, bullish engulfing) in this zone, it would confirm buyers stepping back in.
Given the strong bullish momentum prior to the wedge, this current drop is likely a healthy retracement before continuation toward higher levels.
📈 Trade Setup (Buy Limit Idea):
Buy Entry: 3,295–3,300 (within demand zone)
Stop Loss: 3,285 (below zone, structure invalidation)
Take Profit 1: 3,320 (first supply reaction level)
Take Profit 2: 3,345 (prior high/supply zone)
Take Profit 3: 3,355 (liquidity sweep above highs)
Risk-Reward: ~2.5R to TP2
Confirmation Tip: Look for bullish price action (e.g., bullish engulfing, break of minor structure) on M5–M15 before entering.
Trade active
If you kept buying from my given entry and below the 3290, you are profitable, gold is currently trading above our entry 3320, and still going strong, so I expect this to reach to our second TP at 3345 today.
Note
Correction: Trading above our first TP (3320) not entry, 
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✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
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.