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What are your thoughts on Gold?
Following a strong bullish rally, Gold has entered a corrective phase. The breach of the ascending trendline provides a clear signal that the previous bullish structure is weakening. Currently, the price is performing a pullback toward a key confluence area, where the supply zone aligns with the broken trendline and the 0.5 Fibonacci retracement level.
This convergence zone is expected to act as a significant resistance, potentially leading to a price rejection. Should the price react to this level and complete the pullback, it is anticipated to initiate a new bearish wave, targeting lower support levels.
A convincing break and sustained consolidation above this resistance zone will invalidate the bearish outlook.
Please don’t forget to like and share your thoughts in the comments! ❤️
What are your thoughts on Gold?
Following a strong bullish rally, Gold has entered a corrective phase. The breach of the ascending trendline provides a clear signal that the previous bullish structure is weakening. Currently, the price is performing a pullback toward a key confluence area, where the supply zone aligns with the broken trendline and the 0.5 Fibonacci retracement level.
This convergence zone is expected to act as a significant resistance, potentially leading to a price rejection. Should the price react to this level and complete the pullback, it is anticipated to initiate a new bearish wave, targeting lower support levels.
A convincing break and sustained consolidation above this resistance zone will invalidate the bearish outlook.
Please don’t forget to like and share your thoughts in the comments! ❤️
Trade active
A 30% position size can be allocated at this level, while awaiting potential opportunities to add at higher zones.
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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.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅Our Channel Network:
t.me/addlist/EdGLCwGt0C01ZmU8
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅Our Channel Network:
t.me/addlist/EdGLCwGt0C01ZmU8
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
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.