Gold Futures Update – 0.5 Fib Stop Hit, Eyes on 0.618 Confluence
Our initial long setup at the 0.5 Fibonacci retracement level has been stopped out, but the structure remains constructive.
Price is now approaching a key confluence zone at $3,336, where:
This area represents a high-probability support level where bulls may attempt to defend again. We’re monitoring for reaction and potential entry signals around this level. A break below would invalidate the rising wedge structure and shift bias toward lower fib extensions.
Our initial long setup at the 0.5 Fibonacci retracement level has been stopped out, but the structure remains constructive.
Price is now approaching a key confluence zone at $3,336, where:
- The 0.618 fib retracement from the recent swing low to high aligns perfectly,
- The ascending trendline support (respected multiple times since May) intersects, and
- The oint of Control (POC) from the visible volume profile shows dominant volume transacted.
This area represents a high-probability support level where bulls may attempt to defend again. We’re monitoring for reaction and potential entry signals around this level. A break below would invalidate the rising wedge structure and shift bias toward lower fib extensions.
Trade active
Entry at 3344Trade closed: stop reached
Early entry. Stoploss hit. We all have bad days. I'll see you guys next week with better setups.
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🚀 Founder of SciQua | Strategy. Simulation. Signals.
TradingView indicators, backtesting tools, weekly contests, and live market analysis.
Join free, compete, win, and stay updated at sciqua.com
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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.