Description:
Gold has reached a major descending channel resistance where the next move could define short-term direction.
🔹 Market Context:
Price has been respecting the broader descending channel.
Recent sharp rally has brought price into the upper boundary of this structure.
Volume has picked up, showing strong participation at this zone.
🔹 Key Levels to Watch:
Upper Trendline Resistance: Potential breakout zone (monitor for candle closes above with volume).
Immediate Support Zone: Near current consolidation area – holding this level keeps bullish pressure alive.
Mid-Channel Level: Acts as a pivot; rejection could bring price back here as the first downside target.
Lower Channel Support: Remains the major bearish target if rejection extends further.
🔹 Scenarios:
Bullish: A clean breakout above the descending trendline with follow-through momentum could trigger upside continuation.
Bearish: Failure to break higher and rejection from this zone could re-align price back into the channel, targeting mid- and lower boundaries.
👉 This is a high-probability decision point. Confirmation will be key before aligning with either direction.
Gold has reached a major descending channel resistance where the next move could define short-term direction.
🔹 Market Context:
Price has been respecting the broader descending channel.
Recent sharp rally has brought price into the upper boundary of this structure.
Volume has picked up, showing strong participation at this zone.
🔹 Key Levels to Watch:
Upper Trendline Resistance: Potential breakout zone (monitor for candle closes above with volume).
Immediate Support Zone: Near current consolidation area – holding this level keeps bullish pressure alive.
Mid-Channel Level: Acts as a pivot; rejection could bring price back here as the first downside target.
Lower Channel Support: Remains the major bearish target if rejection extends further.
🔹 Scenarios:
Bullish: A clean breakout above the descending trendline with follow-through momentum could trigger upside continuation.
Bearish: Failure to break higher and rejection from this zone could re-align price back into the channel, targeting mid- and lower boundaries.
👉 This is a high-probability decision point. Confirmation will be key before aligning with either direction.
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.