Gold at Key Decision Zone: Breakout or Breakdown?

13 hours ago

Hello guys!

Let's analyze Gold!

🔸 Current Market Structure

• Price is consolidating inside a symmetrical triangle after a strong bullish run.
  
• Momentum remains positive, but sellers are defending the upper trendline.
  
• Key short-term support is around 3,720 – 3,710 zone.
  

🔺 Bullish Scenario (More Probable)
If price breaks above the triangle resistance, we could see continuation toward 3,770 – 3,790 levels.
Structure favors buyers as long as price holds above 3,720.

🔻 Bearish Scenario (Alternative)
If the price loses the 3,710 support zone, sellers may take control.
Downside targets:

1. First support: 3,690 – 3,680 zone
   
2. Key target: 3,676 area
   

🔹 Conclusion
More probable scenario: A bullish breakout continuation.
Risk to watch: If the support fails, the price could quickly revisit 3,676.

Best approach: Wait for a confirmed breakout before entering.


Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

7 hours ago

Trade active