Gold Approaching Critical Triangle Breakout Amid Upcom
Gold is currently consolidating within a descending triangle on the daily chart. With the upcoming US GDP data release on Thursday, I anticipate significant volatility that could lead to a breakout.
Support Zone: $2,280 - $2,300
Resistance Zone: $2,407 - $2,450
Breakout Strategy:
Buy Setup:
Enter long on a break above the upper trendline.
Targets: RESISTANCE
Stop Loss: Below the breakout daily candle or lower trendline ($2,310)
Sell Setup:
Enter short on a break below the lower zone.
Fundamental Insight:
The US GDP data on Thursday could be the catalyst for a breakout. Strong GDP figures might boost the USD, leading to a bearish breakout, while weak GDP data could weaken the USD, prompting a bullish breakout.
Keep an eye on these key levels and be ready to react to the market's response to the GDP data.
Support Zone: $2,280 - $2,300
Resistance Zone: $2,407 - $2,450
Breakout Strategy:
Buy Setup:
Enter long on a break above the upper trendline.
Targets: RESISTANCE
Stop Loss: Below the breakout daily candle or lower trendline ($2,310)
Sell Setup:
Enter short on a break below the lower zone.
Fundamental Insight:
The US GDP data on Thursday could be the catalyst for a breakout. Strong GDP figures might boost the USD, leading to a bearish breakout, while weak GDP data could weaken the USD, prompting a bullish breakout.
Keep an eye on these key levels and be ready to react to the market's response to the GDP data.
Note
till now we are going to be in the green pathNote
short term traders, you could search for reasons to long the pairNote
Get ready to short the pair, may be in the next week!Note
It might start dropping soon or late!Trade closed: stop reached
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.