Gold Price Analysis July 30

Gold (XAUUSD) Consolidating in a Triangle Pattern – Preparing for a Big Breakout

Currently, gold is moving within a triangle consolidation pattern, reflecting the market’s indecision as investors await a series of important economic data from the US this week. This hesitation suggests that a breakout from the triangle pattern could trigger a strong FOMO effect, creating a significant price movement in either direction.

The current price action is similar to a “bull flag” or “pennant” pattern, where a breakout could lead to a clearer and more decisive trend. If the support zone in the pattern fails to hold, the possibility of a sell-off is high.

Trading scenario:

🔻 Activate SELL order:

When price breaks the triangle bottom around 3324

Downside target: 3285, further is the strong support zone at 3250

🔺 Activate BUY order:

When price breaks and holds above the resistance zone 3333

Or: when there is a bearish rejection signal and candle confirmation at the area 3385