🟡 What happened with Gold (XAUUSD) yesterday?
In yesterday's analysis, I mentioned that I was bullish on Gold, expecting a resumption of the upward move with targets extended to 3080 and interim resistance at 3050.
Although the price rose, it found strong resistance at the 3020 zone, which prompted me to close my buy trade with around 400 pips profit (although I was aiming for closer to 1k pips).
Afterward, the market started to drop and breached under 3000 again.
However, once the price reached the 2970 zone, bulls entered the market strongly and pushed the price back above 3000.
❓So now what? Is the correction over or will it continue?
Looking at the chart, we can clearly see two things:
✅ A solid support has formed around 2960-2970 zone
✅ A double bottom is in the making, with a well-defined neckline at 3020
________________________________________
📌 Why the bullish bias remains valid:
• 2960-2970 proved to be a strong demand zone
• Price reclaimed the 3000 level after the dip
• Double bottom structure is forming = possible breakout ahead
• 3020 is the key level to break for continuation
________________________________________
🎯 Trading Plan:
The preferred strategy remains:
➡️ Buy the dips
🎯 Main target: 3080
❌ Invalidation: daily close below 2960
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.
In yesterday's analysis, I mentioned that I was bullish on Gold, expecting a resumption of the upward move with targets extended to 3080 and interim resistance at 3050.
Although the price rose, it found strong resistance at the 3020 zone, which prompted me to close my buy trade with around 400 pips profit (although I was aiming for closer to 1k pips).
Afterward, the market started to drop and breached under 3000 again.
However, once the price reached the 2970 zone, bulls entered the market strongly and pushed the price back above 3000.
❓So now what? Is the correction over or will it continue?
Looking at the chart, we can clearly see two things:
✅ A solid support has formed around 2960-2970 zone
✅ A double bottom is in the making, with a well-defined neckline at 3020
________________________________________
📌 Why the bullish bias remains valid:
• 2960-2970 proved to be a strong demand zone
• Price reclaimed the 3000 level after the dip
• Double bottom structure is forming = possible breakout ahead
• 3020 is the key level to break for continuation
________________________________________
🎯 Trading Plan:
The preferred strategy remains:
➡️ Buy the dips
🎯 Main target: 3080
❌ Invalidation: daily close below 2960
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.
Trade active
Gold is breaking the neck line of the double bottomTrade closed: target reached
Reached 3080 target zone
📈 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.
📈 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.