Gold has shown strong bullish continuation after breaking above a key descending resistance line. Once that breakout occurred, price formed a strong rising trendline, which has since been respected as dynamic support.
Additionally, a former resistance zone has now flipped into support, confirming a bullish market structure. Price is currently approaching a major upper resistance zone, where we may see a temporary pause or reaction.
As long as the rising trendline holds, the momentum remains in favor of buyers — and a clean breakout above the upper zone could trigger the next leg higher.
Additionally, a former resistance zone has now flipped into support, confirming a bullish market structure. Price is currently approaching a major upper resistance zone, where we may see a temporary pause or reaction.
As long as the rising trendline holds, the momentum remains in favor of buyers — and a clean breakout above the upper zone could trigger the next leg higher.
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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.