Symbol - XAUUSD
Gold is breaking out of its descending price channel and approaching the key area of interest at 3346. A potential false breakout above resistance could prompt a short-term correction before the upward trend resumes.
Gold is advancing for the third consecutive session, trading above the 3300 level, supported by a weakening US dollar and escalating geopolitical tensions. Investor demand for safe-haven assets is increasing amid concerns surrounding US fiscal policy, ongoing trade frictions with China, and the possibility of a military strike by Israel on Iran. Additional support for gold stems from market expectations of a Federal Reserve rate cut and diminished outlook for the dollar.
From a technical standpoint, the price is approaching a significant order block and resistance zone between 3345-3360. Since the session opened, the upward momentum appears to have reached its limit, suggesting that a retest of this key level could result in a false breakout and subsequent pullback. Nonetheless, given the prevailing macroeconomic conditions, any corrective move may be temporary, with the broader bullish trend likely to persist thereafter.
Resistance levels: 3346, 3360, 3409
Support levels: 3288, 3265, 3245
Gold has re-entered the buy zone. However, the fundamental backdrop remains volatile. A reduction in economic risks could prompt renewed downward pressure. At present, attention is centered on the 3346–3360 range, where a false breakout remains a probable scenario, potentially preceding further gains.
Gold is breaking out of its descending price channel and approaching the key area of interest at 3346. A potential false breakout above resistance could prompt a short-term correction before the upward trend resumes.
Gold is advancing for the third consecutive session, trading above the 3300 level, supported by a weakening US dollar and escalating geopolitical tensions. Investor demand for safe-haven assets is increasing amid concerns surrounding US fiscal policy, ongoing trade frictions with China, and the possibility of a military strike by Israel on Iran. Additional support for gold stems from market expectations of a Federal Reserve rate cut and diminished outlook for the dollar.
From a technical standpoint, the price is approaching a significant order block and resistance zone between 3345-3360. Since the session opened, the upward momentum appears to have reached its limit, suggesting that a retest of this key level could result in a false breakout and subsequent pullback. Nonetheless, given the prevailing macroeconomic conditions, any corrective move may be temporary, with the broader bullish trend likely to persist thereafter.
Resistance levels: 3346, 3360, 3409
Support levels: 3288, 3265, 3245
Gold has re-entered the buy zone. However, the fundamental backdrop remains volatile. A reduction in economic risks could prompt renewed downward pressure. At present, attention is centered on the 3346–3360 range, where a false breakout remains a probable scenario, potentially preceding further gains.
ปิดการเทรด: ถึงเป้าหมายการทำกำไร
Pullback is done.3245 to 3288, Now It will be interesting to see whether gold resumes its upward trend following the current retracement or continue its fall. My bias remains bullish at this stage, as the price action continues to reflect a positive outlook.
บันทึก
CMP 3364yesterday in this trading idea, I discussed Gold, specifically the fact that support at 3288 would prevent the market from falling.
Overall, all factors were described in the idea, and as we can see, the bulls were confident in this zone.
A perfect false breakdown of support occurred. The rebound formed a continuation of the trend and resulted in a 600+ pips increase. :)
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Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน