Gold is currently forming a bullish pattern within a downtrend structure. The price has approached a strong support zone around 3310, indicating potential accumulation by buyers at this level.
The recent price action suggests that buyers may be preparing for another upward move, and a possible breakout is forming from the current consolidation zone.
Key Technical Levels to Watch:
If the 1H candle closes above 3320, expect continued bullish momentum targeting 3355 and possibly 3370.
If price fails to break and hold 3320, it may dip back to 3311. A retest and bounce from 3311 could still present a buy opportunity, unless broken decisively.
Wait for a confirmed 1H close above 3320 before entering buy positions. If price dips to 3310–3311, monitor for bullish candlestick signals before considering long entries.
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The recent price action suggests that buyers may be preparing for another upward move, and a possible breakout is forming from the current consolidation zone.
Key Technical Levels to Watch:
If the 1H candle closes above 3320, expect continued bullish momentum targeting 3355 and possibly 3370.
If price fails to break and hold 3320, it may dip back to 3311. A retest and bounce from 3311 could still present a buy opportunity, unless broken decisively.
Wait for a confirmed 1H close above 3320 before entering buy positions. If price dips to 3310–3311, monitor for bullish candlestick signals before considering long entries.
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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.