Looking at the broader time frame, gold has successfully maintained the upward momentum it gained on Friday, with bulls managing to sustain these higher levels. Additionally, the market has broken out aove tbhe important Fibonacci golden zone at the 60% retracement level of 3374, which is a significant bullish sign.
On the lower time frame analysis, we can observe that the 3350 level (Previos day S1) is acting as strong support for gold . Today's pivot is showing an ascending formation pattern, which is clearly visible on the 15-minute time frame chart. The intraday support level for today is at 3357.
From an overall perspective, the larger time frame structure continues to look positive and bullish and currently seems like in consolidation phase. However, if gold manages to print a high low (3335-40 will be good) on the H4 time frame, this would provide an even stronger confirmation signal for the ongoing bullish trend. The combination of sustained momentum, Fibonacci breakout, and ascending pivot formation suggests that gold remains in a favorable position for continued upward movement, provided key support levels hold.
On the lower time frame analysis, we can observe that the 3350 level (Previos day S1) is acting as strong support for gold . Today's pivot is showing an ascending formation pattern, which is clearly visible on the 15-minute time frame chart. The intraday support level for today is at 3357.
From an overall perspective, the larger time frame structure continues to look positive and bullish and currently seems like in consolidation phase. However, if gold manages to print a high low (3335-40 will be good) on the H4 time frame, this would provide an even stronger confirmation signal for the ongoing bullish trend. The combination of sustained momentum, Fibonacci breakout, and ascending pivot formation suggests that gold remains in a favorable position for continued upward movement, provided key support levels hold.
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Related publications
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.