Parallel Channel: A clear upward-trending channel indicating long-term bullish movement.
Consolidation Pattern: A triangular consolidation phase before a breakout.
Strong Support Level: Marked around 2,861.843, serving as a key price level.
Price Projections: Two significant measured moves showing price increases of 14.10% and 12.27%, with the latest target reaching approximately 3,037.055.
Current Price Action: The price is around 2,882.482, experiencing a slight pullback (-1.57%).
Key Elements of the Chart:
1. Overall Trend: Bullish Momentum
The chart showcases an upward trend in gold prices over the past several months.
A parallel ascending channel is drawn, marking higher highs and higher lows, indicating a sustained bullish trajectory.
2. Parallel Channel Formation
A parallel channel (black trendlines) has been plotted, highlighting a structured uptrend.
The price has consistently moved within this channel, bouncing off support and resistance levels.
3. Consolidation & Breakout Phase
A green triangular pattern is visible in the middle section of the chart.
This pattern represents a period of price consolidation, where gold traded in a tightening range before a breakout.
After breaking out of this consolidation phase, the price resumed its uptrend, confirming a bullish breakout.
4. Support and Resistance Levels
A strong support level is identified at 2,861.843, providing a key price floor.
The price has recently retraced and is testing this support zone around 2,882.482.
Resistance lies near the upper boundary of the parallel channel, with a target projection of 3,037.055.
5. Measured Price Moves (Projection Targets)
The chart includes two price projections using vertical arrows:
First measured move: A rally of 333.699 points (14.10%), suggesting a significant bullish leg.
Second measured move: Another 331.092 points (12.27%), confirming continued bullish strength.
The next target price level is around 3,037.055 USD, indicating further upside potential.
6. Current Market Conditions
The current price is around 2,882.482, reflecting a -1.57% daily decline.
The recent pullback suggests either a minor correction or a potential support test before the next leg upward.
Technical Summary:
Trend: Strong bullish uptrend within a well-defined parallel channel.
Support Level: 2,861.843 (marked as a strong area of buying interest).
Resistance Level: Around 3,037.055.
Breakout Confirmation: After a consolidation phase, gold has resumed its uptrend.
Market Outlook: The chart indicates the potential for further upside, but short-term corrections may occur.
The price remains within the parallel channel, gold could continue its upward trajectory, with 3,037.055 USD as the next key resistance level. However, if the support level (2,861.843) fails, a deeper correction may follow.
Consolidation Pattern: A triangular consolidation phase before a breakout.
Strong Support Level: Marked around 2,861.843, serving as a key price level.
Price Projections: Two significant measured moves showing price increases of 14.10% and 12.27%, with the latest target reaching approximately 3,037.055.
Current Price Action: The price is around 2,882.482, experiencing a slight pullback (-1.57%).
Key Elements of the Chart:
1. Overall Trend: Bullish Momentum
The chart showcases an upward trend in gold prices over the past several months.
A parallel ascending channel is drawn, marking higher highs and higher lows, indicating a sustained bullish trajectory.
2. Parallel Channel Formation
A parallel channel (black trendlines) has been plotted, highlighting a structured uptrend.
The price has consistently moved within this channel, bouncing off support and resistance levels.
3. Consolidation & Breakout Phase
A green triangular pattern is visible in the middle section of the chart.
This pattern represents a period of price consolidation, where gold traded in a tightening range before a breakout.
After breaking out of this consolidation phase, the price resumed its uptrend, confirming a bullish breakout.
4. Support and Resistance Levels
A strong support level is identified at 2,861.843, providing a key price floor.
The price has recently retraced and is testing this support zone around 2,882.482.
Resistance lies near the upper boundary of the parallel channel, with a target projection of 3,037.055.
5. Measured Price Moves (Projection Targets)
The chart includes two price projections using vertical arrows:
First measured move: A rally of 333.699 points (14.10%), suggesting a significant bullish leg.
Second measured move: Another 331.092 points (12.27%), confirming continued bullish strength.
The next target price level is around 3,037.055 USD, indicating further upside potential.
6. Current Market Conditions
The current price is around 2,882.482, reflecting a -1.57% daily decline.
The recent pullback suggests either a minor correction or a potential support test before the next leg upward.
Technical Summary:
Trend: Strong bullish uptrend within a well-defined parallel channel.
Support Level: 2,861.843 (marked as a strong area of buying interest).
Resistance Level: Around 3,037.055.
Breakout Confirmation: After a consolidation phase, gold has resumed its uptrend.
Market Outlook: The chart indicates the potential for further upside, but short-term corrections may occur.
The price remains within the parallel channel, gold could continue its upward trajectory, with 3,037.055 USD as the next key resistance level. However, if the support level (2,861.843) fails, a deeper correction may follow.
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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.
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.