GOLD is Trapped Within the Rectangle Range
Source: Admiral Markets MT5 with MT5SE Add-on
Gold has been trapped within a rectangle range between the two POC zones. Trend lines are also marking congestion that follows the range play. There are two possible scenarios inside the range. A rejection from the lower POC 1216-1218 zone towards 1227.65-1230 and the rejection from the upper POC zone 1230-1232.50 towards 1220. The rectangle will be broken if the price makes a clear close below the lower or upper boundaries. Breakout below should aim for 1213 and 1205. The upper breakout should target 1240.50.
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
