Gold Daily Trade Setup 22/7/26
Gold Daily Trade Setup 22/7/26
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Gold is consolidating after a sharp prior decline and carving out a recovery attempt. The fixed-range volume profile suggests that price has spent significant time building acceptance around the current range, while the green dashed support area beneath price remains the key short-term base. As long as this support continues to hold, the structure favours a bullish resolution, especially if the price can break above the descending triangle resistance and reclaim the nearby Fibonacci resistance cluster.
The projected path suggests a possible final dip or liquidity sweep into the volume point of control support before a corrective bullish breakout attempt. A confirmed break above the triangle resistance would shift the H4 structure more decisively bullish and open the door toward the next Fibonacci targets above, with the upper projected levels aligning with the broader higher-timeframe bullish bias. In this case, the triangle would act as a continuation base inside the larger constructive weekly Elliott Wave thesis. The main invalidation sits below the rising H4 support and the recent range low. A sustained break beneath that level would weaken the bullish execution setup and suggest that Gold may need a deeper corrective leg to test the weekly equality objective before the weekly bullish thesis can resume
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!