EUR/JPY – Double Bottom Breakout & Trendline Retest, Trade Setup📊 Chart Type: 1-Hour (H1)
💹 Asset: EUR/JPY
📈 Technical Patterns: Double Bottom, Trendline Breakout, Retest
📌 Overview of the Chart
The EUR/JPY chart showcases a bullish reversal setup, characterized by a Double Bottom pattern, a trendline breakout, and a successful retest. This combination suggests a potential continuation towards higher price levels, making it an ideal setup for traders looking for breakout entries.
The price action initially followed a downtrend, but buyers stepped in at key support zones, leading to the formation of a strong reversal pattern. Now, the price is testing a key resistance level, and if it breaks out, we could see a significant upward move.
🟢 Key Technical Analysis Breakdown
1️⃣ Double Bottom Formation – A Bullish Reversal Signal
🔹 The Double Bottom is a classic reversal pattern that forms after an extended downtrend.
🔹 In this case, price found strong support at 160.139, forming two lows (Bottom 1 & Bottom 2), indicating buyer dominance.
🔹 The confirmation of the pattern comes with a break above the neckline at around 162.000, suggesting a shift from bearish to bullish momentum.
2️⃣ Trendline Breakout & Retest
🔹 A descending trendline had been acting as dynamic resistance, pushing prices lower.
🔹 Recently, the price broke above the trendline, signaling a potential trend shift.
🔹 Now, price is retesting the trendline, which is a key factor in confirming whether the breakout is valid.
🔹 If the retest holds, it could trigger a strong bullish move towards the next resistance zone.
📍 Support & Resistance Zones
🔹 Support Level (160.139):
The lowest point in the chart, where price tested twice and formed the Double Bottom.
Buyers stepped in aggressively at this level, preventing further decline.
Stop Loss Placement: Below this support zone for long trades.
🔹 Resistance Zone (163.725 - Target Level):
The previous swing high and a major supply zone.
A breakout above this area could lead to further bullish momentum.
📈 Trading Strategy – How to Trade This Setup?
✅ Bullish Trade Setup (Breakout & Retest Confirmation)
This setup is ideal for traders looking to capitalize on breakout and retest strategies.
📌 Entry:
Wait for a strong bullish candle to confirm the retest of the trendline.
A break above the 162.500 level could be a good entry confirmation.
📌 Target:
First target: 163.725 (Resistance Zone).
If momentum continues, the next upside target could be around 164.500.
📌 Stop Loss:
Below 160.139 (previous support level) to minimize risk.
Alternatively, place it below the trendline retest zone if entering aggressively.
📌 Risk-to-Reward Ratio (RRR):
This trade offers a strong RRR, as the downside risk is limited, while the upside potential is higher.
🔴 Bearish Scenario – What if the Retest Fails?
While the bias is bullish, traders must be prepared for a fake breakout scenario. If price fails to hold above the trendline and neckline, the structure might break down.
📌 Bearish Entry:
If price rejects the retest zone and closes back below 161.500, it could indicate a false breakout.
📌 Target:
160.139 (Support Level).
📌 Stop Loss:
Above the trendline retest zone to protect against unexpected bullish moves.
🔎 Key Takeaways & Final Thoughts
✅ The Double Bottom pattern signals a potential trend reversal.
✅ The trendline breakout & retest adds further confirmation to the bullish bias.
✅ A breakout above 162.500 could accelerate buying pressure toward 163.725.
✅ Risk management is essential: A well-placed stop loss below the support level ensures minimal downside risk.
✅ If price rejects the retest zone, traders should be prepared for a possible bearish reversal.
📌 Overall Bias: Bullish ✅
📌 Trade Confirmation: Needs trendline retest hold + bullish breakout 📈
📌 Key Level to Watch: 162.500 (Breakout Confirmation Zone) 🔥
💡 Pro Tip : Always wait for confirmation before entering a trade. A strong bullish candlestick pattern (e.g., engulfing candle) on the H1 or H4 timeframe could provide extra confidence in the setup! 🚀
Trend Line Break
Trading Setup for CHF/USD – Triple Bottom Breakout Strategy📌 Chart Pattern: Triple Bottom with Trendline Breakout
This CHF/USD chart showcases a triple bottom formation, a bullish reversal pattern that signals a potential uptrend after three consecutive lows at a strong support level. The price action respects this support zone and attempts a trendline breakout, suggesting a shift in momentum from bearish to bullish.
📊 Full Chart Breakdown & Professional Analysis
1️⃣ Key Levels & Structure:
✅ Support Level (1.1300 - 1.1270):
The price has tested this region three times, indicating strong buying interest.
This forms a triple bottom, a reliable reversal pattern in technical analysis.
✅ Resistance Zone (1.1400 - 1.1420):
The price previously reversed from this zone, making it a key short-term resistance level.
✅ Target Level (1.1457):
A breakout above resistance could drive the price toward this measured move target, representing a 1% potential gain.
✅ Stop Loss (1.1269):
Placed below the support zone to minimize risk in case of a breakdown.
2️⃣ Price Action & Trendline Breakout:
📌 Triple Bottom Formation:
Price hits the same support level three times, signaling strong demand.
Each bounce from support indicates a gradual weakening of bearish momentum.
📌 Trendline Breakout:
The price broke a downward-sloping trendline, suggesting a potential bullish move.
A successful retest of the trendline could confirm further upside.
📌 Expected Move:
Scenario 1: Price confirms the breakout, retests, and moves toward resistance.
Scenario 2: If resistance is broken, price targets the next major level at 1.1457.
3️⃣ Trading Strategy – How to Trade This Setup?
🎯 Buy Entry:
Enter long after a confirmed breakout and retest of the trendline.
📉 Stop Loss:
Below 1.1269 (beneath triple bottom support) to limit downside risk.
🎯 Take Profit Targets:
Target 1: 1.1400 (Resistance Area)
Target 2: 1.1457 (Measured Move Projection)
💡 Risk-Reward Ratio:
Favorable risk-reward ratio of 1:3, making it an attractive setup for traders.
4️⃣ Market Psychology Behind This Move:
Bears losing strength: Multiple failed attempts to break support indicate sellers are exhausted.
Bulls gaining momentum: Trendline breakout shows buyers are stepping in with confidence.
Breakout confirmation: If resistance breaks, a strong rally toward 1.1457 is likely.
📌 Summary: Bullish CHF/USD Trade Idea
🔹 Pattern: Triple Bottom + Trendline Breakout
🔹 Entry: Buy on retest confirmation
🔹 Stop Loss: 1.1269
🔹 Target: 1.1400 & 1.1457
🔹 Risk-Reward: Favorable 1:3 setup
🚀 This is a high-probability trade setup with strong technical confirmation, making it a great opportunity for breakout traders! 🚀
S&P500 Next Key Levels I will be waiting to see if we get some short term buying before continuing down to $5,200 levels.
Waiting for price to reach the $5,800 area and anticipating a strong rejection to continue the bearish trend.
After confirmation of the rejection, I will be looking for simple lower lows, lower highs before entering a sell, preferably around the $5,600 mark.
What are your thoughts on the AMEX:SPY and the THINKMARKETS:USDINDEX in general?
STRONG REVERSAL COMMING FROM NEW ATH ALERT!📈 Description:
This is a 2-hour timeframe analysis of Gold, the market is currently consolidating between a strong support zone 📉 and a weekly high resistance level 📈. Two possible breakout scenarios can be expected:
✅ Bullish Scenario: If the price holds the strong zone at 3028 and gains momentum, it may break out above the weekly high 🚀.
❌ Bearish Scenario: If the price breaks below this strong support zone i.e 3028, it could trigger a downward move toward a lower support level 📉.
👀 Traders should watch for breakout confirmations before entering trades! 📊📉📈
follow risk management
Reminder - Bitcoin back below these trendlinesI encourage you guys to draw these trendlines on your chart and experiment by doing some exercises.
1. Draw the main two trendlines.
2. Spend time on each by duplicating it, keeping the angle the same, and moving it to different spots on the chart. Notice how Bitcoin works on this ascending diagonal support resistance structure. You’ll find that the correct trendline can be duplicated infinitely and the price respects it at any point you place it.
3. Notice that price consolidates on these ascending lines. We see breaks above or below depending on the stop losses from futures positions and liquidity that’s collected. In other words, a break above doesn’t invalidate it.
4. Notice that Bitcoin moves above and below these trendlines.
5. It’s in my opinion that THIS is the structure that explains why Bitcoin isn’t moving higher, telling me the market wants to keep price below these trendlines and take back the liquidity in these zones (look at my previous posts for liquidity maps)
Personally this is still my trade.
God bless and may you live to trade another day!
JPY/USD Technical Analysis - Head & Shoulder Chart Bearish Move1️⃣ Chart Type & Timeframe:
Market: Japanese Yen (JPY) / U.S. Dollar (USD)
Timeframe: 1-hour chart (H1)
Platform: TradingView
This is an intraday chart used by traders to identify short-term price action and trend reversals.
2️⃣ Identifying the Key Chart Pattern – Head & Shoulders
The dominant pattern on this chart is the Head & Shoulders (H&S), a well-known bearish reversal signal that forms after an uptrend. Let’s break it down:
A. Formation of the Pattern
Left Shoulder: The price forms a peak, then retraces down to a support level.
Head: A higher peak is formed, followed by another decline, indicating buyers are losing control.
Right Shoulder: The price attempts another rise but fails to reach the previous high, showing bearish momentum is increasing.
B. Neckline & Trendline Support
The neckline acts as a key support level. A break below it confirms the bearish move.
The trendline, which has been supporting price action for a while, is also at risk of breaking.
3️⃣ Key Support & Resistance Levels
Resistance Level (0.006750 - 0.006819):
This is the previous high area where sellers are active. A stop-loss is placed above this level.
Support Level (0.006567 - 0.006468):
Key demand zones where buyers may step in. These are the take profit (TP) levels.
4️⃣ Price Action & Expected Movement
📉 Bearish Outlook – A potential breakdown from the neckline and trendline would confirm further downside.
If price breaks the trendline, a pullback to retest resistance is expected before dropping further.
Take Profit (TP) 1: 0.006567 – Minor support, possible bounce.
Take Profit (TP) 2: 0.006468 – Stronger support, deeper correction possible.
🚨 Stop Loss: Above 0.006819, just beyond the right shoulder and all-time high (ATH).
5️⃣ Trading Strategy & Execution
💡 Entry Strategy:
Sell Breakout Entry: Short the market when the neckline/trendline is broken with strong volume.
Retest Confirmation: Wait for a pullback to the broken trendline and enter when price rejects it.
📌 Risk Management:
Risk-to-Reward Ratio: 1:2 or higher for an optimal setup.
Use trailing stop-loss to secure profits if TP1 is hit.
6️⃣ Market Psychology & Smart Money Behavior
The Head & Shoulders pattern reflects buyer exhaustion and increased seller strength.
Smart money often enters after the breakdown when weak hands get stopped out.
Conclusion: Trade with Confidence!
This chart presents a high-probability bearish trading opportunity based on a textbook Head & Shoulders formation, support/resistance dynamics, and trendline analysis. A disciplined approach with risk management will ensure better execution.
📉 Final Verdict: Bearish Breakdown Expected – Sell the Retest!
🔥 Tags for TradingView Idea:
#JPYUSD #ForexTrading #HeadAndShoulders #TechnicalAnalysis #BearishReversal #SmartMoney #PriceAction #RiskManagement #TradingSetup #TrendlineBreak
BITCOIN → Flag (consolidation) before falling to 78-73KBINANCE:BTCUSD is consolidating after a short-squeeze relative to 85-87K. A bearish set-up is being formed, the break of which may strengthen further decline to the key target of 73K
A symmetrical triangle is forming within the downtrend on D1, a breakdown of this structure may strengthen the decline. Locally, within the channel a flag - bearish figure is formed (on the local TF false uptrend, the crowd enters to buy from the support or at the break of local resistance, at accumulation of the necessary potential the big player removes the limit order and releases the price, which is dispersed by liquidation of traders), regarding 85K-86.6K the liquidity capture is formed and the price returns to the selling zone. Consolidation below 85K may trigger a breakdown of the figure support and further fall to 80K-78K
Fundamentally: the market sells off any positive news very quickly (negative background is created):
crypto summits, (Trump said nothing new at the second summit)
positive resolutions of problems (for example between SEC and XRP, or removal of restrictions from local exchanges)
crypto reserve
The only nuance, bitcoin's dominance index is still high despite the price drop...
Resistance levels: 85150, 866700, 89400
Support levels: 82K, 80K, 78200
There are no positive signs for growth. The zone where we can consider a trend reversal ( if something supernatural happens ) is 89-91K, but it is very far away.
But now I would consider a breakdown of the flag, or 83.5 - 82.5 and price consolidation below this zone with the purpose of further fall to the local important level 78173. Then another consolidation or correction is possible before a further fall to 73.5K
Regards R. Linda!
EURUSD | 4H | WAIT BREAKOUTHey there, Traders,
I’ve put together an analysis for EUR/USD. Right now, I’m watching it like a hunter, waiting for a breakout. As soon as it happens, I’ll drop updates right here under this analysis.
Big thanks to everyone who supports me with likes—you guys are awesome!
God bless you all
GOLD → Consolidation (correction) before growth to $3100FX:XAUUSD is going into consolidation after strong growth on the back of dollar correction. The metal may test deeper support areas before attempting a new high
Gold is correcting, but remains in an uptrend
The decline in quotations may be seen as a buying opportunity, given the economic uncertainty due to Trump's tariffs and expectations of Fed rate cuts.
The Fed reiterated its forecast of two rate cuts in 2025 despite Powell's cautious comments. Gold is further supported by rising inflation risks and geopolitical tensions in the Middle East.
Resistance levels: 3045, 3057
Support levels: 3024, trending, 3004
Reaction to support is weakening, even amid the uptrend. Gold may stay in this consolidation until the middle of next week, or it may try to break out of the consolidation to retest deeper support zones, such as the rising trend line or the 3004 imbalance zone, from which the growth may resume.
Regards R. Linda!
Bitcoin April 2025 Forecast - Bullish Continuation, or Bearish?Here is a simple visualization of the decision time coming up for BTC, where trendline support meets trendline resistance, with decision time around the middle of May. Break to the upside would target $150K, with a break to the downside sending us into $40K panic selling levels. I am leaning more towards the bullish continuation scenario, but we will have to wait and see.
GL, hit thumbs up.
EURJPY → False breakout of key resistance ...FX:EURJPY is forming a false breakdown of resistance and draws us a reversal pattern against the upper boundary of the descending price channel, as well as the pressure on the market creates the correction of the dollar...
On the daily chart the structure is bearish. After the false breakout of the global resistance a correction is formed, within which the price can test the imbalance zone or the previously broken resistance and continue its fall after the liquidity capture. The global trend is neutral and in this case it is worth considering local support levels as targets
Resistance levels: channel boundary, 162.3, 163.0
Support levels: 160.84, 158.9
A retest of the channel resistance or the area of 162.4 - 163 is possible. But any return of the price under the resistance of the descending channel and consolidation of the price in the selling zone may provoke further decline
Regards R. Linda!
GOLD → Fading out before the news. Possible long-squeezeFX:XAUUSD continues its bullish trend, but locally, the movement is in a very narrow channel (wedge). To form a potential for further movement, the price may form a long-squeeze before or at the time of news...
Fundamentally, gold remains a bullish asset due to the Fed's rate cut forecasts and economic risks associated with Trump's tariff policy. Gold hit a new high on Wednesday after the Fed reiterated plans to cut rates twice this year, raised its inflation forecast and worsened growth and employment estimates.The price is further supported by escalating geopolitical tensions in the Middle East, with Israel announcing the resumption of ground operations in Gaza.
Gold is forming a bull market. Before further growth (before the news) the price may enter the liquidity zone (fvg, 3028, 3024), after which it will continue to grow. Dollar enters local correction before the news, which creates pressure on gold
Resistance levels: 3046, 3051, 3056
Support levels: 3038, 3030, 3024
Price is forming a retest of the wedge support, which increases the chances of a breakdown. If the support fails to hold, the price may go down to the above support before rising further.
But! If gold bounces from 3038 and consolidates above 3044, the growth will continue without a deep pullback
Regards R. Linda!
BIKAJI : Breakout Candidate#bikaji #vcppattern #vcpsetup #trendline #breakout
BIKAJI : Swing Trade
>> Good Strength in stock
>> Volumes Dried up
>> Trendline Breakout
>> VCP Structure - Ready to Blast
>> Low Risk High Reward Trade
Swing Traders can lock profit at 10% and keep trailing
Disc : Charts shared are for Study Purpose, Do your own Analysis and consult your Financial Advisor before taking Position in it. Take Position as per Proper Risk Management.
Pls Boost, Comment & Follow us for More Learnings.
Gold (XAU/USD) Trading Setup – Short Opportunity with Key Target📌 Chart Overview
This is a 1-hour (H1) candlestick chart of XAU/USD (Gold to US Dollar), displaying a potential short (sell) trading setup. The price action suggests that gold is testing a strong resistance zone, and if it gets rejected, a bearish move could follow. The chart includes key technical elements like trendlines, support/resistance levels, and take-profit (TP) zones.
🛠️ Technical Breakdown
1️⃣ Uptrend and Resistance Test
Gold has been in a strong uptrend, as seen from the ascending trendline supporting price movements since March 14.
The price is currently testing a major resistance zone around the ATH (All-Time High) + Resistance Level (~$3,057-$3,072).
A rejection from this level would indicate a potential trend reversal or pullback before any further bullish continuation.
2️⃣ Sell Stop Placement – Waiting for Confirmation
Instead of entering a trade immediately, a Sell Stop order is placed below the trendline.
This means the trade will only activate if the price breaks down from the trendline support, confirming bearish momentum.
3️⃣ Target Levels (Take Profit Zones)
Once the sell trade is activated, the price is expected to move toward the following TP (Take Profit) zones:
TP 1 (~$3,045) – First minor support; price might pause or bounce briefly.
TP 2 (~$3,037-$3,040) – A stronger support zone, where profit can be partially secured.
TP 3 (~$3,029-$3,028) – The final target, aligning with a significant support level. This is the most crucial zone where price could reverse or consolidate.
4️⃣ Support Zone and Potential Bounce
The green-shaded area represents a strong support level (~$3,028-$3,030), previously tested in past price action.
If the price reaches this area, buyers might step in, potentially pushing gold back up.
📉 Trade Execution Plan
✔️ Entry: Below the trendline, activated by the Sell Stop order.
✔️ Stop Loss: Above the resistance level (~$3,072) to limit risk.
✔️ Profit Targets: TP1, TP2, and TP3 (scaling out profits).
✔️ Confirmation Factors: Rejection from resistance, trendline breakdown, and bearish momentum indicators.
🔎 Final Thoughts & Market Sentiment
If price fails to break the trendline, gold might continue its bullish run toward new highs.
If the breakdown occurs as anticipated, a strong short trade opportunity is present.
Always monitor fundamental factors (like economic data and news) that could impact gold prices.
Risk Management Tip: Use proper position sizing and a trailing stop to lock in profits if the trade moves in favor. ✅
📊 Conclusion : A well-structured short setup, with a solid risk-reward ratio and defined execution plan. Happy trading! 🚀📉
GOLD → Consolidation ahead of Fed rate meeting...FX:XAUUSD goes into consolidation 3038 - 3024 before the news - Fed rate meeting. The situation is generally predictable, but gold is reacting to rising geopolitical risks.
Gold is stabilizing before the Fed decision , markets are waiting for the data. The regulator is expected to keep rates, but Powell's forecasts will determine further dynamics.
“Hawkish” tone of the Fed may lead to the strengthening of the dollar and gold correction.
“Dovish” signals about economic risks will support the growth of metal prices.
Geopolitical tensions and Trump's tariffs continue to have an impact.The market is preparing for high volatility on the background of the Fed's decision and events in the world
Resistance levels: 2038, 2045
Support levels: 3024, 3015, 3004.9
Several scenarios can be considered for trading:
Breakdown of resistance 3038 - 3045, consolidation of the price above the level with subsequent growth to 3050 - 3060.
Or wait for the reaction to the news and with a possible breakdown of support to look for strong levels to trade a false breakdown, for example 3024, 3015, 3005.
Regards R. Linda!
USDJPY → Resistance retest (wedge) before the Fed meetingFX:USDJPY is forming a correction to trend resistance as part of the dollar index consolidation. An interesting situation is forming which could be a continuation of the downtrend.
Fundamentally, today is an important day. The FED interest rate meeting is ahead. Traders are waiting, the dollar is consolidating at this time. Most likely the rate will remain unchanged, but in this key everyone is interested in Powell's comments on monetary policy and their future actions.
USDJPY at this time is forming a correction to the bearish trend resistance, before the news the currency pair may test the resistance conglomerate: a wedge, 0.79 fibo, or an orderblock located outside the channel
Resistance levels: 150.16, 150.95
Support levels: 148.92
False breakout of the resistance zone can provoke a fall, as well as breakdown of the support of the “wedge” with the subsequent consolidation of the price in the selling zone. The price may test the zone of interest at 147.6, 146.54.
Regards R. Linda!
TREND LINE BREAKOUT AND RETEST FOR BULLISH MOVE ALERT!Hey Trader
Congratulation all trader for new ATH 3038
THERE is OB in H1 and market is near to break trend line zone and goes for sell for hunting some liquidity from 3015 area.
Now trend is BUll so we just scalp in sell for long term GOLD bull move is going to the moon and month prediction is 3200.
TARGET AREA FOR BULL 3039 AND 3060.
follow risk management
EUR/USD Chart Pattern Analysis (1H Timeframe) – Bearish SetupThe EUR/USD 1-hour chart presents a compelling bearish setup, characterized by a rejection from a key resistance zone, a weakening support level, and a potential trendline breakdown. These technical elements suggest an increased probability of downward movement if bearish momentum persists.
Key Technical Components:
Resistance Rejection & Selling Pressure:
The price action tested a well-defined resistance zone, which aligns with previous swing highs.
A rejection from this level indicates that sellers have stepped in, preventing further upside movement.
This area serves as a supply zone, reinforcing a bearish outlook as long as price remains below it.
Support Level at Risk of Breakdown:
The market is currently testing a support zone, which has previously acted as a demand area.
A break below this support would confirm increased selling pressure, likely triggering a more significant decline.
The support level is structurally weak, as the price has already tested it multiple times, increasing the likelihood of a breakdown.
Ascending Trendline Violation:
The ascending trendline has been a key dynamic support for the recent uptrend.
If the price breaks below this trendline with strong volume, it would signify a potential trend reversal, shifting market sentiment from bullish to bearish.
A confirmed breakdown would further validate the bearish continuation scenario.
Sell Stop Placement & Profit Targets:
A Sell Stop order is positioned below the support zone to capture a breakdown trade.
The first Take Profit (TP1) is set at 1.08312, a level that has historically acted as support and resistance.
The second Take Profit (TP2) is placed at 1.07659, representing a more extended bearish move toward the next major demand zone.
Conclusion & Trading Strategy:
Bearish Scenario: If the price breaks below the support level and ascending trendline, it could trigger a sell-off, leading to a potential downside move toward TP1 and TP2.
Bullish Rebound Possibility: If the support level holds and buyers regain control, the price may attempt to retest the resistance zone. However, the bearish structure remains dominant unless the price breaks above resistance.
Final Outlook:
Traders should closely monitor price action at the support and trendline intersection. A confirmed breakdown below these levels, preferably with increased volume, would reinforce the bearish outlook. Proper risk management and stop-loss placement above the resistance zone are recommended to mitigate potential reversals.
Would you like me to refine it further for professional publication or trading forums? 🚀
Wed 19th Mar 2025 GBP/CHF Daily Forex Chart Sell SetupGood morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a GBP/CHF Sell. Enjoy the day all. Cheers. Jim
Nvidia - That's Officially The Brutal End!Nvidia ( NASDAQ:NVDA ) is breaking all structure:
Click chart above to see the detailed analysis👆🏻
Following previous cycles, Nvidia has been rallying for more than 2 years, creating an overall pump of approximately +1.000%. But now, everything is literally pointing to a significant towards the downside and with a potential drop of -30%, bears are totally taking over Nvidia now.
Levels to watch: $70
Keep your long term vision,
Philip (BasicTrading)
Reliance Industries📈 Reliance Industries Breakout Alert – ₹1241 Key Level Breached 🚀
Reliance Industries has successfully broken out above a strong resistance zone near ₹1241, indicating a potential bullish move ahead. This level acted as a critical supply zone in the past, and the breakout with volume confirmation adds strength to the trend.
🔍 Technical Highlights:
Breakout Level: ₹1241
Volume: Above average (confirming strength)
Trend: Bullish
Next Resistance Zones: ₹1265 / ₹1290
Support Zones: ₹1220 / ₹1200 (previous resistance now acting as support)
GOLD → Consolidation for continued growth. 3025?FX:XAUUSD is consolidating between 2981 - 2993. After strong growth there is no hint of a possible reversal, and consolidation above the channel boundary indicates readiness to continue growth
The gold price remains below the record $3,005 but is supported by the trade war, geopolitical tensions and expectations of Fed policy easing. The escalating US conflict with Yemen, the escalation in Gaza and possible talks between Trump and Putin are boosting demand for defensive assets. China's stimulus is also supporting prices. U.S. retail sales data may influence the dollar and further gold movement, but investors are cautious in anticipation of the Fed meeting.
Resistance levels: 2993, 3008
Support levels: 2891, 2956
Consolidation is being formed, regarding which, against the background of the bullish trend, two strategies can be considered:
1) resistance breakdown and consolidation above 2993 with the purpose of growth continuation
2) false breakdown of support 2981 and further growth after liquidity capture.
Regards R. Linda!