Hello everyone, last week gold had quite an impressive rally, recording a gain of around +2%, equivalent to more than $70, as the price climbed from the 3,380 area to nearly 3,450. This indicates that buying pressure continues to dominate the market.
Looking at the H2 timeframe, the uptrend remains intact as the price maintains a higher high – higher low structure, combined with trading volume favoring the bulls. The 3,455–3,463 zone is acting as short-term resistance; if broken decisively, gold could extend its rally toward 3,478–3,480. On the other hand, the 3,405 area will serve as a key support; only if an H2 candle closes below this level will the bullish structure face the risk of being invalidated.
The main short-term trend still leans bullish, although some technical pullbacks may occur when approaching strong resistance.
What do you think about this move? Does gold have enough momentum to break resistance and extend its rally? Share your thoughts below!
Looking at the H2 timeframe, the uptrend remains intact as the price maintains a higher high – higher low structure, combined with trading volume favoring the bulls. The 3,455–3,463 zone is acting as short-term resistance; if broken decisively, gold could extend its rally toward 3,478–3,480. On the other hand, the 3,405 area will serve as a key support; only if an H2 candle closes below this level will the bullish structure face the risk of being invalidated.
The main short-term trend still leans bullish, although some technical pullbacks may occur when approaching strong resistance.
What do you think about this move? Does gold have enough momentum to break resistance and extend its rally? Share your thoughts below!
Trade closed: target reached
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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.