Gold is painting a compelling technical picture on the daily chart, consolidating within a clear Ascending Triangle pattern—a classic continuation signal that often breaks to the upside.
Pattern Structure:
Support: A rising trendline connecting higher lows, indicating consistent buying pressure at increasingly elevated levels.
Resistance: A horizontal barrier near the $3,477 - $3,550 zone, which has been tested multiple times, confirming its significance.
Key Levels:
Breakout Target: A successful breakout above $3,550 could trigger a measured move projection targeting $3,800+, based on the pattern's height.
Support to Hold: The pattern remains valid as long as price holds above the ascending support. A break below could invalidate the setup and signal a deeper pullback.
Volume & Momentum:
The formation of higher lows suggests accumulation and weakening selling pressure at key resistance.
A breakout accompanied by rising volume would strongly confirm bullish momentum.
Macro Context:
This pattern forms within a larger uptrend, reinforcing its reliability. Gold's role as a safe-haven asset amid global economic uncertainty continues to underpin demand.
Trading Outlook:
Bulls should await a decisive close above $3,550 to enter, targeting new all-time highs.
Bears need a break below the ascending trendline to regain control.
Pattern Structure:
Support: A rising trendline connecting higher lows, indicating consistent buying pressure at increasingly elevated levels.
Resistance: A horizontal barrier near the $3,477 - $3,550 zone, which has been tested multiple times, confirming its significance.
Key Levels:
Breakout Target: A successful breakout above $3,550 could trigger a measured move projection targeting $3,800+, based on the pattern's height.
Support to Hold: The pattern remains valid as long as price holds above the ascending support. A break below could invalidate the setup and signal a deeper pullback.
Volume & Momentum:
The formation of higher lows suggests accumulation and weakening selling pressure at key resistance.
A breakout accompanied by rising volume would strongly confirm bullish momentum.
Macro Context:
This pattern forms within a larger uptrend, reinforcing its reliability. Gold's role as a safe-haven asset amid global economic uncertainty continues to underpin demand.
Trading Outlook:
Bulls should await a decisive close above $3,550 to enter, targeting new all-time highs.
Bears need a break below the ascending trendline to regain control.
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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.
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.