Hello guys!
Let's analyze Gold!
Gold has recently broken out of a descending wedge pattern, a classic bullish reversal signal, with confirmation coming from a clear bullish divergence near the $3,200 zone. After reaching the target of the descending pattern, the price rebounded sharply and is now forming an ascending channel.
Currently, the price is approaching a key resistance zone around $3,280–$3,290. If bulls manage to push through this level, we could see a rally toward the next major resistance around $3,320 and beyond.
🔍 Key Points:
✅ Descending wedge breakout confirmed
✅ Bullish divergence near the bottom signals a momentum shift
✅ Price respecting ascending channel structure
📈target of long position: $3,290–$3,320
📉 target of short position and the entry for long: $3,240 zone
Outlook: Bullish bias remains valid as long as the price is above the $3,240–$3,250 support area. Watch for a breakout above resistance for further upside continuation.
Let's analyze Gold!
Gold has recently broken out of a descending wedge pattern, a classic bullish reversal signal, with confirmation coming from a clear bullish divergence near the $3,200 zone. After reaching the target of the descending pattern, the price rebounded sharply and is now forming an ascending channel.
Currently, the price is approaching a key resistance zone around $3,280–$3,290. If bulls manage to push through this level, we could see a rally toward the next major resistance around $3,320 and beyond.
🔍 Key Points:
✅ Descending wedge breakout confirmed
✅ Bullish divergence near the bottom signals a momentum shift
✅ Price respecting ascending channel structure
📈target of long position: $3,290–$3,320
📉 target of short position and the entry for long: $3,240 zone
Outlook: Bullish bias remains valid as long as the price is above the $3,240–$3,250 support area. Watch for a breakout above resistance for further upside continuation.
Trade closed: target reached
target area touched without touching the entry point
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: 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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: 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.