Gold may climb to level ETH again !

Hello traders, I want to share with you my opinion about Gold. We can observe how the price entered a range when analyzing the chart. It initially dropped to the support level, aligning with the buyer zone at the lower boundary of the range. After spending some time trading near this level, the price dipped further into the buyer zone but quickly rebounded, rising to the upper boundary of the range.

Following this, the price reversed and fell back into the buyer zone, where it consolidated for a while before climbing back into the range. Shortly afterward, Gold rallied to the resistance level, corresponding to the seller zone, breaking out of the range.

However, Gold then began to decline within a downward channel. Although the price attempted to recover, it failed and rebounded from the seller zone back to the buyer zone. Subsequently, the price moved back into the channel, creating a false breakout, and continued its downward movement within the channel.

Notably, I've identified a triangle pattern in the chart, which could indicate a potential breakout or breakdown. Given the current structure, I anticipate that Gold might drop to the channel's support line before initiating a new upward movement. Based on this outlook, I've set my target price (TP) at $2942.

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