Gold (XAU/USD) Technical Analysis – 1H Chart
Key Levels:
- Weekly High: $3,087
- Friday Low (Support Zone): $3,054
- Weekly Low: $3,003
Market Structure:
Gold has been in an uptrend, breaking through previous resistance, which has now turned into a support zone (demand area). The price is currently consolidating near the weekly high after a strong bullish rally.
Potential Scenarios:
1. Bullish Continuation: If the demand zone ($3,054) holds, price could retest the weekly high ($3,087) and potentially break higher.
2. Pullback Before Rebound: A minor retracement to the demand zone before a bounce is likely, as indicated by the blue arrow.
3. Bearish Breakdown: If price falls below $3,045, it may test deeper support near $3,003.
Conclusion:
Gold remains bullish as long as it holds above the demand zone. A breakout above $3,087 could push prices higher, while a break below $3,045 may lead to further downside.
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Key Levels:
- Weekly High: $3,087
- Friday Low (Support Zone): $3,054
- Weekly Low: $3,003
Market Structure:
Gold has been in an uptrend, breaking through previous resistance, which has now turned into a support zone (demand area). The price is currently consolidating near the weekly high after a strong bullish rally.
Potential Scenarios:
1. Bullish Continuation: If the demand zone ($3,054) holds, price could retest the weekly high ($3,087) and potentially break higher.
2. Pullback Before Rebound: A minor retracement to the demand zone before a bounce is likely, as indicated by the blue arrow.
3. Bearish Breakdown: If price falls below $3,045, it may test deeper support near $3,003.
Conclusion:
Gold remains bullish as long as it holds above the demand zone. A breakout above $3,087 could push prices higher, while a break below $3,045 may lead to further downside.
If you enjoy, press the like button.
Trade active
Trade was activated from 3057Trade closed: target reached
Price touched 3127, 700 pips+ achieved. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.