Gold can make correction and then rebound up of support line

2 days ago

Hello traders, I want share with you my opinion about Gold. The Gold market has transitioned from a clear directional trend into a phase of price discovery and consolidation, following a significant breakdown of a prior ascending mirror line. This shift in market dynamics has led to the formation of a large symmetrical triangle, a pattern that signifies a period of equilibrium and contracting volatility as the price coils between a descending resistance line and an ascending support line. The boundaries of this pattern are well-established, with the buyer zone around the 3315 support level providing a floor and the seller zone near 3400 acting as a ceiling. Currently, the price is navigating the lower half of this triangle, having recently rebounded from the support line. The primary working hypothesis is a long scenario, based on the expectation of another successful test of the ascending support line. A confirmed and strong rebound up from this dynamic support would validate the integrity of the triangle and suggest that another full rotation to the upside is likely. Therefore, the tp for this rotational move is logically placed at the 3390 level. This target aligns perfectly with the triangle's upper resistance line and sits just below the major seller zone, representing the most probable destination for a bullish swing originating from the pattern's support. Please share this idea with your friends and click Boost 🚀

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8 hours ago

Trade active

Having touched the triangle's support line, Gold is now expected to rally towards the resistance line.

LegionQ8

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LegionQ8

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