GOLD: The diamond hasn’t sparkled yet - waiting for confirmation

8월 7일

On the 1-hour chart of gold, a diamond pattern is forming at the top of an ascending channel. The current price is 3378, and the asset remains within the structure, without confirming a reversal yet. The key area is the 0.705–0.79 Fibo zone (3361.5–3358), which aligns with the lower boundary of the diamond. At this stage, the pattern is not complete — there's no break of the base, so the move is still pending.

Technically, the market is showing signs of momentum fading and a possible transition into a correction, but it's too early to call it without a clear break and close below 3361, which represents the lower edge of the diamond. If the bearish scenario plays out, the next targets are 3333 and 3324, projected from the pattern itself.

Fundamentally, the picture remains mixed: the dollar has stabilized temporarily, and expectations around U.S. interest rates continue to create uncertainty. Gold is reacting to all of this, but without a clear macro trigger, the upside may remain limited.

Tactical plan: Watch how price behaves in the 3361.5–3358 zone. If a reversal pattern forms, followed by a break to the downside, a short opportunity may open after a retest.- with targets at 3333 and 3324. If that break doesn't happen, and price moves higher, the diamond structure breaks to the upside, and the bearish scenario is invalidated.

As they say until the base breaks, it’s just a shiny piece of the chart, not a diamond. Watch closely, act on confirmation, not assumptions.

8월 7일

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