Gold has completed a corrective phase after breaking down from its previous ascending channel. On the H1 chart, price has formed a base around 3,340 – 3,350 and is now pushing higher, showing signs of bullish momentum with a clear breakout from the consolidation box.
Key Technical Levels:
Immediate Support: 3,353 – 3,340 (Option 1 SL zone)
Major Support: 3,314 – 3,306 (last defensive demand zone)
Immediate Resistance: 3,377 – 3,380 (minor obstacle)
Primary Target Resistance: 3,399 – 3,405 (Option 2 TP zone)
Technical Insights:
Trend Structure: Price previously respected the ascending channel but lost momentum, leading to a downtrend. Current breakout suggests a potential reversal attempt
Volume: Increasing volume during breakout adds confidence to bullish bias.
Risk-Reward: Current setup offers R:R ~ 3.47, attractive for intraday swing.
EMA & RSI: EMA turning upward; RSI is neutral, allowing more upside before overbought pressure kicks in.
Fibonacci: The 0.5–0.618 retracement from the last swing drop aligns with the 3,399–3,405 target zone.
Trade Strategy:
Option 1 – Breakout Continuation (Active Setup)
Entry: 3,365 – 3,366 (current price zone)
Stop Loss: 3,353
Take Profit: 3,405
R:R: ~3.47
Option 2 – Pullback Buy
Entry: On retest of 3,353–3,340 support zone with bullish confirmation.
Stop Loss: Below 3,330
Take Profit: First TP at 3,380, second TP at 3,405.
Bias:
Bullish short-term outlook while holding above 3,340. A break and close above 3,380 would strengthen the case for reaching 3,405.
Key Technical Levels:
Immediate Support: 3,353 – 3,340 (Option 1 SL zone)
Major Support: 3,314 – 3,306 (last defensive demand zone)
Immediate Resistance: 3,377 – 3,380 (minor obstacle)
Primary Target Resistance: 3,399 – 3,405 (Option 2 TP zone)
Technical Insights:
Trend Structure: Price previously respected the ascending channel but lost momentum, leading to a downtrend. Current breakout suggests a potential reversal attempt
Volume: Increasing volume during breakout adds confidence to bullish bias.
Risk-Reward: Current setup offers R:R ~ 3.47, attractive for intraday swing.
EMA & RSI: EMA turning upward; RSI is neutral, allowing more upside before overbought pressure kicks in.
Fibonacci: The 0.5–0.618 retracement from the last swing drop aligns with the 3,399–3,405 target zone.
Trade Strategy:
Option 1 – Breakout Continuation (Active Setup)
Entry: 3,365 – 3,366 (current price zone)
Stop Loss: 3,353
Take Profit: 3,405
R:R: ~3.47
Option 2 – Pullback Buy
Entry: On retest of 3,353–3,340 support zone with bullish confirmation.
Stop Loss: Below 3,330
Take Profit: First TP at 3,380, second TP at 3,405.
Bias:
Bullish short-term outlook while holding above 3,340. A break and close above 3,380 would strengthen the case for reaching 3,405.
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