Hello to all beloved traders, Lucas_Reid here!
Gold has now broken upward from the wedge and confirmed recent bullish momentum. A major player is building a position above the wedge and preparing for distribution. But the main question is: how long will it last?
Fundamentally, the recent gold surge was triggered by escalating tensions in the Middle East and large-scale missile exchanges between Iran and Israel – drawing safe-haven flows. Interestingly, gold pulled back slightly by the end of Friday’s trading session, hovering around $3,368 at the time of writing (a reasonable move after the spike). However, the broader macro backdrop still favors gold in the medium term, with persistent demand from central banks and ongoing geopolitical risks providing support.
Additionally, the US dollar is in a global downtrend, and traders are awaiting a decision from Powell (who is under pressure from Trump to cut rates).
From a technical perspective, if we zoom out, we can see buyers in control, suggesting continuation. Price has broken out of recent consolidation. The volatility that followed was then absorbed and reacted above the breakout level. Theoretically, we can speculate that big players are building positions above the current wedge. This can only suggest potential future deployment (distribution).
BUT failure to hold above this level could invalidate the bullish scenario and increase the chance of a pullback to the lower boundary of the channel.
Respectfully,
Lucas_Reid!
Gold has now broken upward from the wedge and confirmed recent bullish momentum. A major player is building a position above the wedge and preparing for distribution. But the main question is: how long will it last?
Fundamentally, the recent gold surge was triggered by escalating tensions in the Middle East and large-scale missile exchanges between Iran and Israel – drawing safe-haven flows. Interestingly, gold pulled back slightly by the end of Friday’s trading session, hovering around $3,368 at the time of writing (a reasonable move after the spike). However, the broader macro backdrop still favors gold in the medium term, with persistent demand from central banks and ongoing geopolitical risks providing support.
Additionally, the US dollar is in a global downtrend, and traders are awaiting a decision from Powell (who is under pressure from Trump to cut rates).
From a technical perspective, if we zoom out, we can see buyers in control, suggesting continuation. Price has broken out of recent consolidation. The volatility that followed was then absorbed and reacted above the breakout level. Theoretically, we can speculate that big players are building positions above the current wedge. This can only suggest potential future deployment (distribution).
BUT failure to hold above this level could invalidate the bullish scenario and increase the chance of a pullback to the lower boundary of the channel.
Respectfully,
Lucas_Reid!
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Missed the last gold rally? Don’t let the next one pass you by.
📈 Live VIP signals – up to 80% win rate
🎯 Precision entries. Risk-controlled. No second guessing.
🔥 Built for serious traders ready to level up
📲 Join now: t.me/+yp68zvUZLqExZmVl
📈 Live VIP signals – up to 80% win rate
🎯 Precision entries. Risk-controlled. No second guessing.
🔥 Built for serious traders ready to level up
📲 Join now: t.me/+yp68zvUZLqExZmVl
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.