The market is currently in a consolidation phase following a prior downtrend, with lower highs (LH) and lower lows (LL) dominating recent price action. Gold is trading within a rising wedge formation, signaling potential indecision. Key levels to monitor are:
- Supply Zone: $2,720–$2,730 (strong resistance area)
- Demand Zones: $2,690, $2,670, and lower (support clusters)
Projection
Bearish Continuation: A breakdown below the wedge and demand zones could trigger a continuation of the downtrend, targeting levels below $2,670.
Bullish Reversal: A breakout above $2,720, followed by a retest, may indicate a reversal, targeting higher resistance levels.
Trade Idea
Bearish Bias: Watch for a decisive break below the wedge, aligning with the dominant downtrend, to consider short opportunities.
Bullish Alternative: If price breaks and holds above the $2,720 supply zone, look for potential long setups.
Patience is essential here, as the market is at a critical juncture. Always use proper risk management by aligning entries with key levels and clear invalidation points.
- Supply Zone: $2,720–$2,730 (strong resistance area)
- Demand Zones: $2,690, $2,670, and lower (support clusters)
Projection
Bearish Continuation: A breakdown below the wedge and demand zones could trigger a continuation of the downtrend, targeting levels below $2,670.
Bullish Reversal: A breakout above $2,720, followed by a retest, may indicate a reversal, targeting higher resistance levels.
Trade Idea
Bearish Bias: Watch for a decisive break below the wedge, aligning with the dominant downtrend, to consider short opportunities.
Bullish Alternative: If price breaks and holds above the $2,720 supply zone, look for potential long setups.
Patience is essential here, as the market is at a critical juncture. Always use proper risk management by aligning entries with key levels and clear invalidation points.
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