Gold Futures Technical Analysis: Crucial Levels to Watch Before the Market Opens
Key Technical Observations:
On Friday, June 20, gold futures initially broke below a significant bearish channel near 3,368 but quickly reversed upwards.
Potential Bull Flag Formation:
A critical retest zone to watch closely is around the 3,382-3,390 region, a key psychological and technical area.
Bullish Scenario:
An optimal long entry could be around a retest near 3,382, with a prudent stop-loss just below 3,372.
Employing partial profit-taking and adjusting stops to breakeven after initial targets are met aligns with disciplined risk management, integral to methodologies like Trade Compass.
Should prices fail again and decisively break the lower boundary of the current bullish channel, bears may regain control.
Gold Futures Market Context and Institutional Insights:
Techincal Analysis on Gold is About Identifying the Important Junctions and Story Behind the Chart
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(Note: The embedded video containing the detailed chart analysis by Itai Levitan is available above.)
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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