Gold Futures Long Setup – Breakout Continuation off the 0.618 Fi

Gold Futures Long Setup – Breakout Continuation off the 0.618 Fib
Instrument: Gold Futures – COMEX (GC1!)
Timeframe: 15-Minute
Trade Type: Long – Breakout Continuation
Entry Zone: 3390 (0.618 Fibonacci retracement)
Take Profit: 3428 (0.786 Fib)
Stop Loss: 3384
Risk/Reward Ratio: 6.68
Setup: Bullish Flag on Retest

🔍 Trade Thesis
This trade is part of an ongoing breakout continuation strategy we've been trading, and now we're eyeing a pullback entry as price returns to a key retracement level.

• Price nearly exploded through the 0.618 Fibonacci level (3390) during the prior breakout.
  
• Now it's pulling back in a textbook bullish flag formation, suggesting healthy consolidation before the next leg.
  
• The 0.618 retracement is aligning with previous intraday structure and trendline support — making this an ideal level to scale in.
  

This is a high R:R continuation play, with targets set at the 0.786 Fib level (3428) — right before macro resistance kicks in.

🎯 Entry & Exit Strategy

• Entry: As price touches 3390 or forms bullish confirmation at the level.
  
• Stop Loss: 3384 – tight and below key fib/flag structure.
  
• Target: 3428 – based on 0.786 Fib extension and breakout continuation projection.
  

📊 Why This Works

• Breakout behavior: Price respected the breakout impulse and retraced cleanly into a bull flag.
  
• Fib confluence: 0.618 pullbacks are a classic entry in trending markets.
  
• R/R of 6.68: Excellent reward profile vs. limited risk.