Gold has been in a strong uptrend, forming a rounded bottom pattern, which led to a breakout above key resistance. Currently, price is consolidating near the all-time high (ATH) around $3,005, suggesting a potential liquidity sweep before a larger move.
📌 Key Observations:
Rounded Bottom Formation: A bullish reversal pattern led to a breakout.
Consolidation Zone: Price is ranging just below the ATH, likely gathering liquidity.
Liquidity Sweep & Weak Highs: The chart suggests a push above the ATH to trigger stops before a potential reversal.
Projected Bearish Move: A break lower could lead to a corrective move towards $2,920 - $2,800 in the coming sessions.
⚠️ Trading Plan:
Bullish Scenario: A clean breakout above ATH with strong volume could invalidate the bearish setup.
Bearish Scenario: If the liquidity sweep occurs and price fails to hold above ATH, a strong sell-off could follow.
Traders should watch for confirmation signals before entering any positions. Stay cautious and manage risk effectively!
📊 What are your thoughts? Will gold continue higher or reverse? Share your views below!
#XAUUSD #Gold #Trading #Forex #LiquiditySweep #ATH
📌 Key Observations:
Rounded Bottom Formation: A bullish reversal pattern led to a breakout.
Consolidation Zone: Price is ranging just below the ATH, likely gathering liquidity.
Liquidity Sweep & Weak Highs: The chart suggests a push above the ATH to trigger stops before a potential reversal.
Projected Bearish Move: A break lower could lead to a corrective move towards $2,920 - $2,800 in the coming sessions.
⚠️ Trading Plan:
Bullish Scenario: A clean breakout above ATH with strong volume could invalidate the bearish setup.
Bearish Scenario: If the liquidity sweep occurs and price fails to hold above ATH, a strong sell-off could follow.
Traders should watch for confirmation signals before entering any positions. Stay cautious and manage risk effectively!
📊 What are your thoughts? Will gold continue higher or reverse? Share your views below!
#XAUUSD #Gold #Trading #Forex #LiquiditySweep #ATH
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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.