Gold is coiling within a large ascending channel, and the current price action suggests a potential bullish OB (Order Block) retest, setting up for a leg higher.
📊 Technical Breakdown:
Bullish OB Zone near ~3,320 is expected to act as support.
Price recently broke above a mid-range descending structure and is now retesting it — a classic breakout-retest setup.
Confluence from the ascending channel support adds strength to the bullish bias.
🎯 Upside Targets:
POI (Point of Interest): ~3,375 USD
Major Resistance: ~3,400 USD — watch for possible reaction or reversal here.
📉 Invalidations:
A sustained break below the bullish OB (~3,320) and below the ascending channel could shift structure bearish.
Summary:
Gold looks poised for a bounce from the bullish order block after a strong impulse and corrective pullback. Structure favors a move to 3,375 and potentially 3,400. Eyes on confirmation around the 3,320–3,330 zone.
📊 Technical Breakdown:
Bullish OB Zone near ~3,320 is expected to act as support.
Price recently broke above a mid-range descending structure and is now retesting it — a classic breakout-retest setup.
Confluence from the ascending channel support adds strength to the bullish bias.
🎯 Upside Targets:
POI (Point of Interest): ~3,375 USD
Major Resistance: ~3,400 USD — watch for possible reaction or reversal here.
📉 Invalidations:
A sustained break below the bullish OB (~3,320) and below the ascending channel could shift structure bearish.
Summary:
Gold looks poised for a bounce from the bullish order block after a strong impulse and corrective pullback. Structure favors a move to 3,375 and potentially 3,400. Eyes on confirmation around the 3,320–3,330 zone.
Trade active
Trade closed: target reached
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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.
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.