Gold on the Rise! – Bullish Setup in Focus

The chart shows a repeating consolidation‑then‑breakout pattern, with Gold forming ascending swing structures, consolidating in rectangles (green), then riding higher along a rising trendline (purple). Price has just bounced off that trendline again, signaling a possible new leg up—potentially targeting the upper range near $3,448–3,450. A clear breakout above that level could open the door toward $3,500+.

📍 Trading Plan
🎯 Entry

Long on breakout above recent consolidation highs (~$3,440–3,448).

Alternatively, buy the dip near the purple trendline (~$3,385–3,390), with confirmation (hammer candle, bounce).

🛑 Stop‑Loss

For breakout: just below the top of the rectangle consolidation (~$3,389).

For trendline entry: slightly below recent swing low (~$3,358–3,360).

🎯 Profit Targets

Primary: upper rectangle level (~$3,448–3,450).

Extension: historic all‑time high region (~$3,500) → next major zone.

🎥 Path

Potential minor pullback toward trendline.

Bounce establishes support.

Surge toward top of range.

Breakout with trend continuation to new highs.

📊 Trade Risk & Reward

Target ~60–100 pts above entry, stop ~50 pts below → ideal Risk:Reward ≥ 1:1.2.

📌 Key Levels to Monitor
Level Role
$3,360 Swift dip support (green base line)
$3,390–3,400 Trendline confluence zone
$3,440–3,450 Breakout area & top of rectangle
$3,500 Next major resistance/all‑time high

🧭 Market Context & Drivers
Broad uptrend remains intact amid geopolitical tensions, especially the Israel–Iran situation, which continues to support safe-haven flows
investing.com
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reuters.com
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barrons.com
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forex24.pro
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goldpredictors.com
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Markets are positioning ahead of Fed’s June 18 decision; dovish signals could fuel continuation toward new highs (~$3,500+)
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Technical structure reflects bullish momentum—ascending wedge patterns with shallow dips and strong trendline bounces
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✅ Summary
Bias: Bullish – uptrend intact.

Strategy: Go long on dip near trendline or on breakout above $3,445.

Stop‑Loss: Just below last swing low ($3,360).

Targets:

Near-term: $3,448–3,450

Medium-term: $3,500+

Stay tuned for Fed statements and Middle East headlines—they’ll be catalysts.