Traders, 
GOLD is currently moving beautifully within a well-defined descending parallel channel, and it’s offering some interesting technical setups. If you take a closer look at the chart, you’ll see that price has formed a Fair Value Gap (FVG) on the 1-hour timeframe. The midpoint of this FVG lies around the 3317–3318 level. Previously, this zone acted as a strong area of support, but since the price has now broken below it, there’s a high probability that it could flip into a resistance zone this time around.
This kind of structure often provides great opportunities for short entries if we see a price retest and show signs of rejection near the midpoint of the FVG. Always keep an eye on how the candles behave when price revisits this area, as it could set up a nice trade with clearly defined risk and reward. Remember, patience is key—let the price come to your zone instead of chasing it. Let’s see how this plays out!
GOLD is currently moving beautifully within a well-defined descending parallel channel, and it’s offering some interesting technical setups. If you take a closer look at the chart, you’ll see that price has formed a Fair Value Gap (FVG) on the 1-hour timeframe. The midpoint of this FVG lies around the 3317–3318 level. Previously, this zone acted as a strong area of support, but since the price has now broken below it, there’s a high probability that it could flip into a resistance zone this time around.This kind of structure often provides great opportunities for short entries if we see a price retest and show signs of rejection near the midpoint of the FVG. Always keep an eye on how the candles behave when price revisits this area, as it could set up a nice trade with clearly defined risk and reward. Remember, patience is key—let the price come to your zone instead of chasing it. Let’s see how this plays out!
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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.