XAUUSD Consolidation before a rally to $3000 Mark
Price is moving within a horizontal range, showing accumulation or distribution. Multiple touches at both support and resistance indicate a well-defined structure.
A valid breakout with volume confirmation would be an ideal long entry.
Key Levels on the Chart:
Support Zone: Around $2,920 - $2,925 (Lower boundary of the consolidation range).
Resistance Zone: Around $2,940 - $2,945 (Upper boundary of the consolidation range).
Breakout Target: $3,000 (Psychological resistance & target if the breakout happens).
Trade Setup Considerations:
Bullish Case:
A break and retest above $2,945 with confirmation on the 15-minute or 1-hour timeframe could trigger a long position.
First minor target: $2,960 - $2,970, then extended to $3,000.
Bearish Case (Invalidation Level):
If price fails to hold $2,920, it could trigger a pullback to the next support at $2,900 - $2,890.
In that case, a reversal structure needs to form before considering longs again.
A valid breakout with volume confirmation would be an ideal long entry.
Key Levels on the Chart:
Support Zone: Around $2,920 - $2,925 (Lower boundary of the consolidation range).
Resistance Zone: Around $2,940 - $2,945 (Upper boundary of the consolidation range).
Breakout Target: $3,000 (Psychological resistance & target if the breakout happens).
Trade Setup Considerations:
Bullish Case:
A break and retest above $2,945 with confirmation on the 15-minute or 1-hour timeframe could trigger a long position.
First minor target: $2,960 - $2,970, then extended to $3,000.
Bearish Case (Invalidation Level):
If price fails to hold $2,920, it could trigger a pullback to the next support at $2,900 - $2,890.
In that case, a reversal structure needs to form before considering longs again.
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.