Gold: Potential Correction After Testing Key Resistance Levels
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hello guys!
Key Resistance Zone: The price has reacted strongly at this confluence of resistance, signaling the potential exhaustion of the recent bullish momentum.
Correction Scenario: A pullback to the breakout (BO) level, represented by the blue area, appears likely as the price consolidates below the resistance. This region could provide a strong support level, potentially around $2,710-$2,730.
Channel Dynamics: The price is still within an ascending channel, suggesting that a retracement would be corrective rather than a trend reversal. The lower bounds of the blue area or the midline of the channel could serve as dynamic support.
Confirmation Needed: If the price fails to hold above the BO level (blue area), the next support targets would lie near $2,678 (Fibonacci retracement zone), which aligns with the prior market structure.
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Strategy for Traders:
For Shorts: Short-term traders can look for rejection signals at the current resistance, targeting the BO level for potential profit-taking.
Key Resistance Zone: The price has reacted strongly at this confluence of resistance, signaling the potential exhaustion of the recent bullish momentum.
Correction Scenario: A pullback to the breakout (BO) level, represented by the blue area, appears likely as the price consolidates below the resistance. This region could provide a strong support level, potentially around $2,710-$2,730.
Channel Dynamics: The price is still within an ascending channel, suggesting that a retracement would be corrective rather than a trend reversal. The lower bounds of the blue area or the midline of the channel could serve as dynamic support.
Confirmation Needed: If the price fails to hold above the BO level (blue area), the next support targets would lie near $2,678 (Fibonacci retracement zone), which aligns with the prior market structure.
__________________________
Strategy for Traders:
For Shorts: Short-term traders can look for rejection signals at the current resistance, targeting the BO level for potential profit-taking.
Trade fermée: cible de profit atteinte
almost the blue area touched!
close %80 of it
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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