Timeframe: 4H
Bias: Bullish
Current Price: Around 3,990
Setup Type: Breakout + Trend Reversal
Gold has been moving inside a descending channel ever since it peaked near the 4,380 zone. Sellers have been in control for a while, but lately, the candles are showing signs of pressure fading.
You can see how price has been squeezing tighter inside this small wedge formation right at the lower boundary of the main channel — this usually hints at an upcoming breakout move.
Volume is starting to pick up a bit, and buyers are trying to hold the line above 3,950–3,970, which might be the last defense zone before momentum shifts higher.
If we get a clean breakout and close above the upper trendline of the channel, there’s room for price to push back toward 4,300–4,350, where the previous highs sit.
Bias: Bullish
Current Price: Around 3,990
Setup Type: Breakout + Trend Reversal
Gold has been moving inside a descending channel ever since it peaked near the 4,380 zone. Sellers have been in control for a while, but lately, the candles are showing signs of pressure fading.
You can see how price has been squeezing tighter inside this small wedge formation right at the lower boundary of the main channel — this usually hints at an upcoming breakout move.
Volume is starting to pick up a bit, and buyers are trying to hold the line above 3,950–3,970, which might be the last defense zone before momentum shifts higher.
If we get a clean breakout and close above the upper trendline of the channel, there’s room for price to push back toward 4,300–4,350, where the previous highs sit.
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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.
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.