Chart Pattern: Expanding Triangle (Broadening Wedge)
Current Formation: Double Bottom (noted as “Double TOP formation” in label, but structurally it’s acting as a double bottom reversal)
Key Levels
Type Level Remarks
Support 3980–4000 Strong rebound zone; lower wedge boundary
Immediate Resistance 4160 First profit-booking zone
Secondary Resistance 4400 Pattern completion target
Stop-Loss (Swing) 3920 Below last swing low to protect reversal invalidation
Technical View
Momentum Bias: Bullish reversal underway
Chart Pattern: Expanding Triangle breakout setup
Confirmation Trigger: Break and close above 4100 with strong candle
Expected Move: 5–6% upside in short term
Conclusion
GOLD appears to have completed a corrective phase and is preparing for an impulsive upside breakout. A close above 4100 would confirm momentum strength toward 4160, and sustained buying could push prices to 4400.
Traders can look for confirmation candles with volume before entering long positions.
Disclaimer
This analysis is for educational and informational purposes only and should not be considered as financial advice. Please conduct your own due diligence or consult a registered financial advisor before making trading decisions.
Current Formation: Double Bottom (noted as “Double TOP formation” in label, but structurally it’s acting as a double bottom reversal)
Key Levels
Type Level Remarks
Support 3980–4000 Strong rebound zone; lower wedge boundary
Immediate Resistance 4160 First profit-booking zone
Secondary Resistance 4400 Pattern completion target
Stop-Loss (Swing) 3920 Below last swing low to protect reversal invalidation
Technical View
Momentum Bias: Bullish reversal underway
Chart Pattern: Expanding Triangle breakout setup
Confirmation Trigger: Break and close above 4100 with strong candle
Expected Move: 5–6% upside in short term
Conclusion
GOLD appears to have completed a corrective phase and is preparing for an impulsive upside breakout. A close above 4100 would confirm momentum strength toward 4160, and sustained buying could push prices to 4400.
Traders can look for confirmation candles with volume before entering long positions.
Disclaimer
This analysis is for educational and informational purposes only and should not be considered as financial advice. Please conduct your own due diligence or consult a registered financial advisor before making trading decisions.
Trade closed: target reached
Expecting to halt or may go down from hereNote
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.