Market Structure:
Gold was previously trading within an ascending channel but has broken below the channel, indicating possible bearish momentum. Price is currently hovering around the 3,234–3,238 retest zone.
Key Levels to Watch:
Channel Re-entry Zone: 3,235 – 3,238
Resistance Above: 3,258 and 3,278 (next major target)
Support Below: 3,207 (recent low); break below opens up 3,190 and 3,175 zones
Scenarios:
🔹 Bullish Scenario:
Entry Trigger: M30 or H1 candle closes inside the channel above 3,238
Target 1: 3,258
Target 2: 3,278
Invalidation: M30/H1 closes back below 3,235 after re-entry
🔹 Bearish Scenario:
Entry Trigger: Price fails to reclaim 3,235–3,238 zone and forms rejection wicks / bearish engulfing
Target 1: 3,207
Target 2: 3,190–3,175 (if 3,207 fails)
Invalidation: Strong bullish candle closes above 3,238 with follow-through
🕒 Trading Tip:
Wait for confirmation via M30/H1 candle closes – do not jump in on first wick. Patience pays off in breakout-retest situations.
Kindly follow, comment and support.
Gold was previously trading within an ascending channel but has broken below the channel, indicating possible bearish momentum. Price is currently hovering around the 3,234–3,238 retest zone.
Key Levels to Watch:
Channel Re-entry Zone: 3,235 – 3,238
Resistance Above: 3,258 and 3,278 (next major target)
Support Below: 3,207 (recent low); break below opens up 3,190 and 3,175 zones
Scenarios:
🔹 Bullish Scenario:
Entry Trigger: M30 or H1 candle closes inside the channel above 3,238
Target 1: 3,258
Target 2: 3,278
Invalidation: M30/H1 closes back below 3,235 after re-entry
🔹 Bearish Scenario:
Entry Trigger: Price fails to reclaim 3,235–3,238 zone and forms rejection wicks / bearish engulfing
Target 1: 3,207
Target 2: 3,190–3,175 (if 3,207 fails)
Invalidation: Strong bullish candle closes above 3,238 with follow-through
🕒 Trading Tip:
Wait for confirmation via M30/H1 candle closes – do not jump in on first wick. Patience pays off in breakout-retest situations.
Kindly follow, comment and support.
Trade closed: target reached
Done and dusted. The both targets achieved, followed till 3175. 600 pips trade in one go.
✅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.
✅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.