🔹Technical Analysis - GOLD (XAU/USD) - 30-Minute Chart (Bullish Bias)
▪️Gold is currently holding firm above the key support area around $3,282-$3,294, which has acted as a strong demand zone in recent sessions. Price action shows a potential bullish reversal as it forms a base near this support and begins to push upward.
▪️Notably, the volume profile is increasing on bullish candles, suggesting strong buying interest at current levels. Price is attempting to reclaim the 50 EMA, and a sustained move above $3,304 (next intraday resistance) would further confirm bullish continuation.
▪️Buy Trade Setup:
* Entry Zone: $3,294-$3,298
* Immediate Resistance (Short-Term Target): $3,304
* Main Target: $3,332 resistance area
* Stop-Loss: Below $3,282 support area
▪️Conclusion:
Momentum and volume are aligning with a bullish bias. As long as price holds above the support zone and continues to show volume-backed buying, the setup favors a long position with targets toward the upper resistance band at $3,332.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
▪️Gold is currently holding firm above the key support area around $3,282-$3,294, which has acted as a strong demand zone in recent sessions. Price action shows a potential bullish reversal as it forms a base near this support and begins to push upward.
▪️Notably, the volume profile is increasing on bullish candles, suggesting strong buying interest at current levels. Price is attempting to reclaim the 50 EMA, and a sustained move above $3,304 (next intraday resistance) would further confirm bullish continuation.
▪️Buy Trade Setup:
* Entry Zone: $3,294-$3,298
* Immediate Resistance (Short-Term Target): $3,304
* Main Target: $3,332 resistance area
* Stop-Loss: Below $3,282 support area
▪️Conclusion:
Momentum and volume are aligning with a bullish bias. As long as price holds above the support zone and continues to show volume-backed buying, the setup favors a long position with targets toward the upper resistance band at $3,332.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
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150 pips+ achieved from 3290 to 3305
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Related publications
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.