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Gold has finally broken out above the descending trendline that has capped price for weeks. We’ve already seen Leg 1, an impulsive rally from the strong support zone, and a textbook retest of the broken trendline.
If bulls hold this level, a Leg 2 continuation could unfold.
Key Factors to Watch:
✅ Strong demand zone fueling the first leg up
✅ Clean breakout and retest of descending resistance
✅ Price still hovering around EMAs (15/60)
⚠️ However, the structure is fragile – lack of follow-through could trap late buyers
⚠️ If price loses the retest area decisively, sellers may reclaim control
Trading Insight:
This is a fascinating setup for bulls—but don’t fall in love with it. Stay adaptive. The market doesn’t owe us a second leg higher. Manage risk carefully and remember: probabilities, not certainties.
Trade Safely...
#MJTrading
#Gold #XAUUSD #TradingView #TechnicalAnalysis #BreakoutTrading #SupportResistance #PriceAction
Gold has finally broken out above the descending trendline that has capped price for weeks. We’ve already seen Leg 1, an impulsive rally from the strong support zone, and a textbook retest of the broken trendline.
If bulls hold this level, a Leg 2 continuation could unfold.
Key Factors to Watch:
✅ Strong demand zone fueling the first leg up
✅ Clean breakout and retest of descending resistance
✅ Price still hovering around EMAs (15/60)
⚠️ However, the structure is fragile – lack of follow-through could trap late buyers
⚠️ If price loses the retest area decisively, sellers may reclaim control
Trading Insight:
This is a fascinating setup for bulls—but don’t fall in love with it. Stay adaptive. The market doesn’t owe us a second leg higher. Manage risk carefully and remember: probabilities, not certainties.
Trade Safely...
#MJTrading
#Gold #XAUUSD #TradingView #TechnicalAnalysis #BreakoutTrading #SupportResistance #PriceAction
Trade active
Seems bull has got the control...
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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.
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.