Gold dropped to the 61% Fibonacci retracement level, aligning with the long-term ascending trendline, where it showed a strong bullish rejection.
Currently, price is breaking out of the descending channel and the 200 SMA, and is beginning to form a potential bullish spike formation.
If this pattern completes and breaks to the upside, we would have three confluencing technical signals pointing to a possible target area around $3,425.881.
📌 I’ll wait for a confirmed breakout of the bullish spike to look for long entries.
Currently, price is breaking out of the descending channel and the 200 SMA, and is beginning to form a potential bullish spike formation.
If this pattern completes and breaks to the upside, we would have three confluencing technical signals pointing to a possible target area around $3,425.881.
📌 I’ll wait for a confirmed breakout of the bullish spike to look for long entries.
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