Gold can be Rejected from Channel Resistance

4 days ago

Hello traders, I want share with you my opinion about Bitcoin. The market context for Gold has been strongly bullish since the price action broke out of a prolonged consolidation range that was based in the 3325 buyer zone. This structural shift initiated a new uptrend, with the price action for XAU having been guided higher within a well-defined upward channel. The asset has shown significant strength, breaking through multiple levels, including the current support level at 3845. Currently, after completing a strong impulsive wave, the price is trading very close to the resistance line of this upward channel, consolidating near the highs. In my mind, this is a logical area for the bullish momentum to pause and for a correction to begin. I expect the price to soon be rejected from this channel's upper boundary and initiate a new corrective swing to the downside. I think a confirmed reversal from this area would validate the short scenario. Therefore, I have placed my TP at the 3845 level, targeting the recent breakout area, which should now act as the first major support. Please share this idea with your friends and click Boost 🚀

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3 days ago

Trade active

Price broke resistance line of channel and continued to move up. But recently it corrected and now I think that Gold will continue to decline.

2 days ago

Trade closed manually

Price continued to move up, so I closed this trade.