Gold Futures Analysis – Breakout Confirmation & Bullish Continuation Potential
After an extended consolidation within a descending channel, Gold has successfully broken out, aligning with the overall bullish bias evident from the broader market structure.
Key Observations:
Overall Bias: Bullish, supported by higher-timeframe structure and trendline confluence.
Breakout Confirmation: Clean breakout above the descending channel, showing increased bullish momentum.
200 SMA Flip: Price reclaimed the 200-period SMA, reinforcing a shift in sentiment.
Key Zone Retests: The market is expected to retest the previous resistance (now support) around the 3345–3350 zone before any continuation.
Volume & RSI: Rising volume and RSI above 50 support further bullish continuation, with a short-term target toward the 3418 region.
Plan Ahead: I anticipate a short pullback to the support zone followed by bullish continuation if price holds above the breakout structure.
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After an extended consolidation within a descending channel, Gold has successfully broken out, aligning with the overall bullish bias evident from the broader market structure.
Key Observations:
Overall Bias: Bullish, supported by higher-timeframe structure and trendline confluence.
Breakout Confirmation: Clean breakout above the descending channel, showing increased bullish momentum.
200 SMA Flip: Price reclaimed the 200-period SMA, reinforcing a shift in sentiment.
Key Zone Retests: The market is expected to retest the previous resistance (now support) around the 3345–3350 zone before any continuation.
Volume & RSI: Rising volume and RSI above 50 support further bullish continuation, with a short-term target toward the 3418 region.
Plan Ahead: I anticipate a short pullback to the support zone followed by bullish continuation if price holds above the breakout structure.
Follow GoldenZoneFX For more content and valuable insights.
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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.
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.