#GOLD ⟶ THE NEXT BIG MOVE?!
🥇#GOLD / ⏳1-hour timeframe:
👉GOLD is currently within an rising wedge pattern on the 4-hour timeframe.
👉Additionally, it's trading above its weekly support at 2505.100.
✅As a result, there's a bullish bias towards the following targets:
🎯Target 1: 2539.220
🎯Target 2: 2565.950
🎯Target 3: 2581.773-2585.950
✅There are two key support levels that could prevent a decline and potentially initiate a new uptrend:
1️⃣First support: The low of the 1-hour bullish channel, which has already been touched.
2️⃣Second support: 2505.100
❌Stop-loss for the bullish scenario: A break below 2505.100 on the 4-hour timeframe. If this happens, the trend for GOLD will shift from bullish to bearish👆👇
🔄If the stop-loss is triggered, the analysis will be updated
👉GOLD is currently within an rising wedge pattern on the 4-hour timeframe.
👉Additionally, it's trading above its weekly support at 2505.100.
✅As a result, there's a bullish bias towards the following targets:
🎯Target 1: 2539.220
🎯Target 2: 2565.950
🎯Target 3: 2581.773-2585.950
✅There are two key support levels that could prevent a decline and potentially initiate a new uptrend:
1️⃣First support: The low of the 1-hour bullish channel, which has already been touched.
2️⃣Second support: 2505.100
❌Stop-loss for the bullish scenario: A break below 2505.100 on the 4-hour timeframe. If this happens, the trend for GOLD will shift from bullish to bearish👆👇
🔄If the stop-loss is triggered, the analysis will be updated
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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.
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.