Gold has been moving within a clearly defined upward channel since late June. Recently, price reached a key resistance zone near the upper boundary of the channel (~3,440–3,450), where it faced strong rejection and has since pulled back.
🔻 Current Market Behavior:
Price has dropped from the resistance area, breaking below the midline of the channel.
Currently testing the lower trendline of the channel (~3,360–3,350 area).
This zone also aligns with a minor support structure, making it a potential bounce area.
📌 Trade Setup (Idea):
Buy Entry Zone: 3,340 – 3,345 (Lower channel boundary)
Stop Loss: Below 3,330 (Breakout from channel = invalidation)
Target 1: 3,365
Target 2: 3,385 – (Resistance zone)
📈 A bullish reaction from the lower boundary could offer a solid long opportunity within the channel. However, a clear break below the channel may indicate a potential trend reversal.
📌 Bias: Bullish while price holds above the channel support.
🔔 Always wait for confirmation (e.g., bullish candlestick pattern or strong bounce) before entering. Manage risk wisely.
🔻 Current Market Behavior:
Price has dropped from the resistance area, breaking below the midline of the channel.
Currently testing the lower trendline of the channel (~3,360–3,350 area).
This zone also aligns with a minor support structure, making it a potential bounce area.
📌 Trade Setup (Idea):
Buy Entry Zone: 3,340 – 3,345 (Lower channel boundary)
Stop Loss: Below 3,330 (Breakout from channel = invalidation)
Target 1: 3,365
Target 2: 3,385 – (Resistance zone)
📈 A bullish reaction from the lower boundary could offer a solid long opportunity within the channel. However, a clear break below the channel may indicate a potential trend reversal.
📌 Bias: Bullish while price holds above the channel support.
🔔 Always wait for confirmation (e.g., bullish candlestick pattern or strong bounce) before entering. Manage risk wisely.
Trade active
💼 FX & Gold Market Specialist | Trader & Mentor
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📊 Focus: XAUUSD | Risk Management | ROI Strategies
🔗 Telegram: t.me/+I3cp4J9F2PU4MmZk
✅ Verified TradingView Contributor
📊 Focus: XAUUSD | Risk Management | ROI Strategies
🔗 Telegram: t.me/+I3cp4J9F2PU4MmZk
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.
💼 FX & Gold Market Specialist | Trader & Mentor
✅ Verified TradingView Contributor
📊 Focus: XAUUSD | Risk Management | ROI Strategies
🔗 Telegram: t.me/+I3cp4J9F2PU4MmZk
✅ Verified TradingView Contributor
📊 Focus: XAUUSD | Risk Management | ROI Strategies
🔗 Telegram: t.me/+I3cp4J9F2PU4MmZk
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.