GOLD (#XAUUSD) – High-Probability Bullish Continuation Setup
Gold is maintaining its strong bullish structure on the daily timeframe, having recently respected a rising trendline, confirming ongoing buyer interest and market confidence.
Currently, price action is forming a well-defined Cup & Handle pattern, which is considered a high-probability bullish continuation formation. The market closed last week near the neckline resistance around the 3367 level, showing signs of pressure building for a breakout.
Key Technical Insight:
A daily candle close above 3367 will confirm a breakout of the neckline and validate the bullish setup. However, for entry confirmation, a clean breakout and daily close above 3380 will provide a stronger technical signal and reduce the likelihood of a false breakout.
Technical Summary:
Chart Pattern: Cup & Handle
Trend Structure: Rising Trendline (Confirmed)
Neckline Resistance: 3367
Breakout Entry Level: 3380+
Bias: Bullish
Timeframe: Daily
Gold is maintaining its strong bullish structure on the daily timeframe, having recently respected a rising trendline, confirming ongoing buyer interest and market confidence.
Currently, price action is forming a well-defined Cup & Handle pattern, which is considered a high-probability bullish continuation formation. The market closed last week near the neckline resistance around the 3367 level, showing signs of pressure building for a breakout.
Key Technical Insight:
A daily candle close above 3367 will confirm a breakout of the neckline and validate the bullish setup. However, for entry confirmation, a clean breakout and daily close above 3380 will provide a stronger technical signal and reduce the likelihood of a false breakout.
Technical Summary:
Chart Pattern: Cup & Handle
Trend Structure: Rising Trendline (Confirmed)
Neckline Resistance: 3367
Breakout Entry Level: 3380+
Bias: Bullish
Timeframe: Daily
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.
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.