Gold is currently trading within a well-respected ascending channel, approaching a significant resistance zone around 3315–3320, where previous supply caused a sharp sell-off. This resistance zone has been tested again and shows signs of rejection with consolidation and wicks to the upside.
If price fails to break above this resistance, we may see a corrective drop toward the 3285–3290 zone, which aligns with:
The channel midline
Previous minor structure support
A potential bullish order block/demand zone
This level present a high-probability buy opportunity within the bullish structure.
Preferred Scenario:
Wait for a retracement to 3285–3290 (buy zone)
If bullish price action forms (e.g., bullish engulfing, rejection wicks), enter long position
Trading Signal – Buy Setup
Buy Limit: 3287
Stop Loss: 3275 (below demand and channel)
TP1: 3315
TP2: 3335 (channel top)
Risk/Reward: ~1:2+
Alternative Bearish Scenario:
If price breaks below 3280 with momentum and closes below the ascending channel, avoid buying and reassess for a possible bearish trend shift.
If price fails to break above this resistance, we may see a corrective drop toward the 3285–3290 zone, which aligns with:
The channel midline
Previous minor structure support
A potential bullish order block/demand zone
This level present a high-probability buy opportunity within the bullish structure.
Preferred Scenario:
Wait for a retracement to 3285–3290 (buy zone)
If bullish price action forms (e.g., bullish engulfing, rejection wicks), enter long position
Trading Signal – Buy Setup
Buy Limit: 3287
Stop Loss: 3275 (below demand and channel)
TP1: 3315
TP2: 3335 (channel top)
Risk/Reward: ~1:2+
Alternative Bearish Scenario:
If price breaks below 3280 with momentum and closes below the ascending channel, avoid buying and reassess for a possible bearish trend shift.
Trade closed: target reached
Although the gold retraced around 3290 yesterday, but didn't triggered limit order just missed by 10/15 pips, however, if you have taken retracement along with me, congratulations you are profitable then. And the gold has hit our targets viz. 3315 and 3335.
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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.
✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
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.