Gold Breakout from Falling Wedge — Targeting 3383🟡 Key Observations & Technical Elements
1. Price Structure
The price has been range-bound within a rectangular blue box.
The range appears to be roughly between 3,340 and 3,400.
There was a previous downtrend indicated by the descending trendline inside the box.
2. Breakout Pattern
Price has broken above the descending trendline within the box (bullish signal).
The breakout seems confirmed by a higher low and higher high structure.
3. Support Zones
A strong support area is highlighted in red below 3,340, showing multiple bounces (demand zone).
Yellow box at the bottom shows a false breakout / liquidity grab before price reversed upward sharply.
4. Target
A target level of 3,383 is clearly marked, suggesting a bullish breakout expectation.
This is consistent with the width of the previous range being projected upward.
5. Indicators
Orange circles highlight key reversal or retest points: one at a resistance-turned-support, and another at a breakout retest.
6. Event Icons
Calendar/event icons (with U.S. flags) below the chart hint at upcoming U.S. economic data releases, likely to bring volatility.
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📊 Technical Bias: Bullish
Breakout from descending trendline inside range.
Retest successful near 3,350 zone.
Higher lows forming within the range.
Target set at 3,383, slightly below previous highs.
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📌 Possible Trade Strategy
Entry: After confirmation of breakout and retest (currently done).
Target: 3,383 (as per the setup).
Stop Loss: Below the recent low around 3,345–3,350 zone.
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⚠️ Risks
The upcoming U.S. data events could invalidate this setup depending on surprises in the releases.
False breakouts are possible in tight consolidation zones like this.
