In last week, we saw the price action shows relatively small fluctuations with frequent pullbacks, indicating a range-bound movement in the short term.
There are multiple instances of price testing resistance and support levels, suggesting a possible consolidation phase. Momentum appears to be neutral, with no clear trend dominance.
However, I would say the gold price will breakout this week. Below is our opportunity!
📌 Bullish Breakout Strategy (Upside)
🚀 Scenario: If price breaks above $2,930 with strong volume
🔸 Entry Rules:
Buy when price closes above $2,930 (Fibo 0.786) with a strong bullish candle
🎯 Targets for Bullish Breakout:
1️⃣ $2,944 - $2,948 (previous resistance zone)
2️⃣ $2,956 - $2,960 (Fibo 1 at $2,956)
3️⃣ $2,970+ (extension move if momentum is strong)
🛑 Stop Loss:
Below $2,924 (previous resistance-turned-support)
Tight SL: If scalping, $2,926 - $2,928
🔹 Extra Confirmation for Breakouts
✅ Breakout Retest Strategy:
If price breaks $2,930 (up) or $2,906 (down), wait for a retest of the breakout level before entering.
Example: If price breaks above $2,930, wait for a pullback to $2,928 - $2,930, then enter long.
✅ Momentum Confirmation:
RSI above 60 (bullish) or below 40 (bearish) for strong breakout
Volume Spike during breakout
✅ False Breakout Prevention:
Avoid low-volume breakouts → These often fail
If price reverses quickly after breakout, exit early
There are multiple instances of price testing resistance and support levels, suggesting a possible consolidation phase. Momentum appears to be neutral, with no clear trend dominance.
However, I would say the gold price will breakout this week. Below is our opportunity!
📌 Bullish Breakout Strategy (Upside)
🚀 Scenario: If price breaks above $2,930 with strong volume
🔸 Entry Rules:
Buy when price closes above $2,930 (Fibo 0.786) with a strong bullish candle
🎯 Targets for Bullish Breakout:
1️⃣ $2,944 - $2,948 (previous resistance zone)
2️⃣ $2,956 - $2,960 (Fibo 1 at $2,956)
3️⃣ $2,970+ (extension move if momentum is strong)
🛑 Stop Loss:
Below $2,924 (previous resistance-turned-support)
Tight SL: If scalping, $2,926 - $2,928
🔹 Extra Confirmation for Breakouts
✅ Breakout Retest Strategy:
If price breaks $2,930 (up) or $2,906 (down), wait for a retest of the breakout level before entering.
Example: If price breaks above $2,930, wait for a pullback to $2,928 - $2,930, then enter long.
✅ Momentum Confirmation:
RSI above 60 (bullish) or below 40 (bearish) for strong breakout
Volume Spike during breakout
✅ False Breakout Prevention:
Avoid low-volume breakouts → These often fail
If price reverses quickly after breakout, exit early
Note
For short strategy, I will share in another post.
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.