In my analysis yesterday, I argued that once the price broke below the 2900 support zone, further downside movement was likely.
However, the price quickly recovered above this key level, prompting me to close my short trade with a minimal profit of 70 pips.
More importantly, after reclaiming 2900, Gold continued its upward movement and once again tested the 2920 resistance zone. Even more significant is the fact that the breakdown below 2900 can now be considered a false break, which could ultimately lead to a breakout above resistance.
Today, we also have U.S. inflation data, which could serve as a catalyst for such a breakout.
In conclusion, my outlook has now turned bullish, and I will look to buy on dips.
A bearish scenario would only be confirmed by another break below 2900.
As for the upside target, if 2920 is breached, we could see strong momentum this time—potentially even a new all-time high above 2955.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
However, the price quickly recovered above this key level, prompting me to close my short trade with a minimal profit of 70 pips.
More importantly, after reclaiming 2900, Gold continued its upward movement and once again tested the 2920 resistance zone. Even more significant is the fact that the breakdown below 2900 can now be considered a false break, which could ultimately lead to a breakout above resistance.
Today, we also have U.S. inflation data, which could serve as a catalyst for such a breakout.
In conclusion, my outlook has now turned bullish, and I will look to buy on dips.
A bearish scenario would only be confirmed by another break below 2900.
As for the upside target, if 2920 is breached, we could see strong momentum this time—potentially even a new all-time high above 2955.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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Gold is consolidating under resistance, break is very probable
📈 Forex & XAU/USD Channel:
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.