Gold Futures Long Setup – Breakout Continuation off the 0.618 FiGold Futures Long Setup – Breakout Continuation off the 0.618 Fib
Instrument: Gold Futures – COMEX ( COMEX:GC1! )
Timeframe: 15-Minute
Trade Type: Long – Breakout Continuation
Entry Zone: 3390 (0.618 Fibonacci retracement)
Take Profit: 3428 (0.786 Fib)
Stop Loss: 3384
Risk/Reward Ratio: 6.68
Setup: Bullish Flag on Retest
🔍 Trade Thesis
This trade is part of an ongoing breakout continuation strategy we've been trading, and now we're eyeing a pullback entry as price returns to a key retracement level.
Price nearly exploded through the 0.618 Fibonacci level (3390) during the prior breakout.
Now it's pulling back in a textbook bullish flag formation, suggesting healthy consolidation before the next leg.
The 0.618 retracement is aligning with previous intraday structure and trendline support — making this an ideal level to scale in.
This is a high R:R continuation play, with targets set at the 0.786 Fib level (3428) — right before macro resistance kicks in.
🎯 Entry & Exit Strategy
Entry: As price touches 3390 or forms bullish confirmation at the level.
Stop Loss: 3384 – tight and below key fib/flag structure.
Target: 3428 – based on 0.786 Fib extension and breakout continuation projection.
📊 Why This Works
Breakout behavior: Price respected the breakout impulse and retraced cleanly into a bull flag.
Fib confluence: 0.618 pullbacks are a classic entry in trending markets.
R/R of 6.68: Excellent reward profile vs. limited risk.
