As expected and explained in Friday’s analysis, Gold dipped under 3335, and during today's Asian session, opened with a slide to 3323.
However, shortly after, bulls stepped in, and in the following 5 hours the price climbed strongly, reaching the important resistance at 3360, before entering a normal correction.
At this moment, the correction from 3410 could be complete, and a confirmed break above 3360 would bring the first confirmation for a new bullish leg.
Another factor supporting this view is that the resistance of the falling wedge has already been broken to the upside – a constructive technical signal.
📌 Trading Plan:
I will look to buy dips, anticipating a break above 3360, with targets toward the 3400 handle.
⚠️ A new local low would temporarily pause this bullish scenario.🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
However, shortly after, bulls stepped in, and in the following 5 hours the price climbed strongly, reaching the important resistance at 3360, before entering a normal correction.
At this moment, the correction from 3410 could be complete, and a confirmed break above 3360 would bring the first confirmation for a new bullish leg.
Another factor supporting this view is that the resistance of the falling wedge has already been broken to the upside – a constructive technical signal.
📌 Trading Plan:
I will look to buy dips, anticipating a break above 3360, with targets toward the 3400 handle.
⚠️ A new local low would temporarily pause this bullish scenario.🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.