Hello guys!
Gold has been moving strongly inside an ascending channel on the 1H chart, showing consistent bullish momentum. Price is currently testing a key resistance area around $3,585 – $3,590. From here, one of two scenarios is most likely to play out:
Both scenarios remain bullish as long as gold trades above $3,560. Only a clean break below this level would weaken the structure.
Overall, gold is set for further upside; the path depends on whether we see a retest first or an immediate breakout.
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Gold has been moving strongly inside an ascending channel on the 1H chart, showing consistent bullish momentum. Price is currently testing a key resistance area around $3,585 – $3,590. From here, one of two scenarios is most likely to play out:
- Scenario 1: A short-term pullback toward $3,563 support, followed by a bounce that could fuel another leg higher. target will be near $3,630 – $3,650.
- Scenario 2: A short-term pullback toward $3,580 support, pushing price toward the upper channel resistance near $3,630 – $3,650.
Both scenarios remain bullish as long as gold trades above $3,560. Only a clean break below this level would weaken the structure.
Overall, gold is set for further upside; the path depends on whether we see a retest first or an immediate breakout.
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Trade active
Trade closed: target reached
Scenario 2 was activated and hit the target
Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
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My recommended Exchange -> YEX: bit.ly/YEX-M
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Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
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My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
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.
Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
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.