Pattern and Key Levels
Diamond Pattern: The chart shows a possible diamond pattern which indicates a possible rise to marked levels to complete the movements of said pattern and then fall
Fibonacci Levels:
2,585: This level acts as support,
2,617: Intermediate level that can act as both support and resistance.
2,696: Key resistance level, possibly
Trading Strategy
Entry Level: Around 2,585 or 2,617 (current levels)
Stop Loss: Place a stop loss just below 2,585 to limit losses in case of a breakout to the downside.
Profit Target: Aim for resistance at 2,696 – 2700
Summary
The analysis suggests that the gold market is in a consolidation phase, with key support and resistance levels based on Fibonacci and Anchored VWAP. Trading strategies should consider entries at support and resistance levels, with proper risk management using clear stop losses and profit targets. The breakout of the triangle, accompanied by an increase in volume, can provide additional opportunities for