Gold on Upper Trend of Parallel Zone
Trend Lines: An upward trend line that has held for an extended period suggests strong underlying demand. If prices approach this trend line and bounce, it can act as a signal to buy, reinforcing bullish trends in gold.
Additionally, analysts have noted the formation of broadening wedge patterns on various timeframes for gold, which could lead to a breakout either up or down, depending on resistance and support interactions. On the bullish side, recent price action near key resistance levels could suggest a flag breakout if there’s increased volume and a clear move above resistance around $2,530–$2,540.
These insights, along with watching support around $2,486.79 for bearish confirmation, help provide a basis for trading entries and risk management in the short term.
Additionally, analysts have noted the formation of broadening wedge patterns on various timeframes for gold, which could lead to a breakout either up or down, depending on resistance and support interactions. On the bullish side, recent price action near key resistance levels could suggest a flag breakout if there’s increased volume and a clear move above resistance around $2,530–$2,540.
These insights, along with watching support around $2,486.79 for bearish confirmation, help provide a basis for trading entries and risk management in the short term.
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.