Gold is currently forming a symmetrical triangle pattern, indicating potential breakout opportunities. The price is near $2,915, trading between key support and resistance levels.
Key Levels:
🔹 Resistance Zone: $2,940 - $2,950
Price has rejected this level multiple times.
A breakout above this area could trigger a bullish move.
🔹 Support Trendline: $2,880 - $2,900
A key rising trendline providing support.
A break below could lead to a bearish move.
🔹 Major Support Zone: $2,861 - $2,865
If price reaches this level, buyers may step in.
A confirmed break below could accelerate selling pressure.
Potential Scenarios:
📉 Bearish Breakdown (Main Outlook):
1️⃣ Price consolidates within the triangle.
2️⃣ A break below the support trendline signals further downside.
3️⃣ Target: $2,861 - $2,865 support zone.
4️⃣ If this level breaks, expect a deeper drop.
📈 Bullish Breakout Alternative:
If price breaks and holds above $2,940, expect bullish momentum.
Next Target: $2,960 - $2,970.
Trading Plan for Traders:
✅ Wait for a clear breakout before entering trades.
✅ Short below trendline support, targeting $2,861.
✅ Long above $2,940 with confirmation.
✅ Use stop-loss to manage risk effectively.
Key Levels:
🔹 Resistance Zone: $2,940 - $2,950
Price has rejected this level multiple times.
A breakout above this area could trigger a bullish move.
🔹 Support Trendline: $2,880 - $2,900
A key rising trendline providing support.
A break below could lead to a bearish move.
🔹 Major Support Zone: $2,861 - $2,865
If price reaches this level, buyers may step in.
A confirmed break below could accelerate selling pressure.
Potential Scenarios:
📉 Bearish Breakdown (Main Outlook):
1️⃣ Price consolidates within the triangle.
2️⃣ A break below the support trendline signals further downside.
3️⃣ Target: $2,861 - $2,865 support zone.
4️⃣ If this level breaks, expect a deeper drop.
📈 Bullish Breakout Alternative:
If price breaks and holds above $2,940, expect bullish momentum.
Next Target: $2,960 - $2,970.
Trading Plan for Traders:
✅ Wait for a clear breakout before entering trades.
✅ Short below trendline support, targeting $2,861.
✅ Long above $2,940 with confirmation.
✅ Use stop-loss to manage risk effectively.
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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.