Hello Traders hope you are fine and doing well. Gold Futures are approaching a breakout above 96100 after strong demand zone defenses. This idea outlines a potential bullish setup awaiting confirmation for a momentum driven move.
Gold Futures (MCX) is currently forming a bullish setup with multiple rejections from a strong hourly demand zone and compression below the 96100 resistance level. A confirmed breakout above 96100 on the 1-hour timeframe will indicate renewed buying interest and a potential trend continuation.
Trade Plan-:
Entry: 1-hour candle close above 96100.
Stop Loss: To be defined post breakout, based on structure.
Target Levels:
97500, 98500, 99000
A decisive breakout with strong momentum will validate this setup.
Please note-: Final stop loss will be determined after the breakout confirmation.
Stay disciplined and manage risk carefully!
This publication is meant for only learning purpose and not contains any type of trading advice.
Best regards-: Amit
Gold Futures (MCX) is currently forming a bullish setup with multiple rejections from a strong hourly demand zone and compression below the 96100 resistance level. A confirmed breakout above 96100 on the 1-hour timeframe will indicate renewed buying interest and a potential trend continuation.
Trade Plan-:
Entry: 1-hour candle close above 96100.
Stop Loss: To be defined post breakout, based on structure.
Target Levels:
97500, 98500, 99000
A decisive breakout with strong momentum will validate this setup.
Please note-: Final stop loss will be determined after the breakout confirmation.
Stay disciplined and manage risk carefully!
This publication is meant for only learning purpose and not contains any type of trading advice.
Best regards-: Amit
Trade closed manually
After sharing the chart, the price did not break the resistance even once on any small or big time frame because it did not reach there. Today for the first time there was a failed attempt which I have marked on the chart. I did not get any kind of trade but I learned once again that if you try to go long in a trade without breaking the resistance you can get badly trapped as we can see a harsh rejection from marked resistance. So now I am closing this trade as without breaking the resistance first price broke the demand zone so now I will share new idea on Gold very soon. Thanks for support.Note
Resistance 96100 breakout happned at 96300 current price 97300+. This is the significance of any resistance breakout, Today traded hope it will reach to maked targets.
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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.