1. Yesterday’s Context
In my yesterday’s analysis, I mentioned that although Gold had broken below the 3330 support, it was most probably a false break.
Yesterday’s price action confirmed this view: Gold pushed back above the broken level, accelerated higher, and even broke above the falling wedge trendline, reaching a high around 3352. On top of that, the daily chart closed with a strong bullish engulfing pattern.
________________________________________
2. The Key Question
Is this the start of a larger bullish continuation?
________________________________________
3. Why the Setup Looks Bullish
• False break below 3330 quickly reversed.
• Break above the falling wedge trendline = strong bullish signal.
• Daily bullish engulfing confirms momentum shift.
• Technical structure now favors continuation to the upside.
________________________________________
4. Trading Plan
At the time of writing, Gold is in a normal correction after yesterday’s strong rally.
• I remain bullish.
• I am looking to buy dips into support zones.
• Target: around 3380 as the next upside level of interest.
________________________________________
5. Final Note 🚀
The outlook remains unchanged: the bias is bullish, and yesterday’s breakout gives conviction that buying dips is the right strategy.
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.
In my yesterday’s analysis, I mentioned that although Gold had broken below the 3330 support, it was most probably a false break.
Yesterday’s price action confirmed this view: Gold pushed back above the broken level, accelerated higher, and even broke above the falling wedge trendline, reaching a high around 3352. On top of that, the daily chart closed with a strong bullish engulfing pattern.
________________________________________
2. The Key Question
Is this the start of a larger bullish continuation?
________________________________________
3. Why the Setup Looks Bullish
• False break below 3330 quickly reversed.
• Break above the falling wedge trendline = strong bullish signal.
• Daily bullish engulfing confirms momentum shift.
• Technical structure now favors continuation to the upside.
________________________________________
4. Trading Plan
At the time of writing, Gold is in a normal correction after yesterday’s strong rally.
• I remain bullish.
• I am looking to buy dips into support zones.
• Target: around 3380 as the next upside level of interest.
________________________________________
5. Final Note 🚀
The outlook remains unchanged: the bias is bullish, and yesterday’s breakout gives conviction that buying dips is the right strategy.
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.
Trade active
Gold, as expected, dipped into confluence support and confirmed the break. Now let’s see if the next part of the analysis comes true as well.
📈 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.