This 15-minute chart of Gold (XAU/USD) showcases a strong uptrend, followed by a pullback to a key support area around $3,030. The price is expected to rebound from this support and aim for the resistance area near $3,045. A breakout above resistance could signal further bullish momentum. The trendline supports the overall uptrend, and traders may look for buying opportunities near support with a target of $3,045.
Gold Price Analysis (XAU/USD) – 15-Minute Chart
1. Market Structure & Trend
The chart indicates a strong uptrend, starting from a consolidation phase (marked in blue) on the left.
A clear trendline supports the upward movement, showing higher highs and higher lows.
The price recently tested a resistance area around $3,045 and faced rejection, leading to a pullback.
2. Key Levels
Resistance Area: Around $3,045, where price faced selling pressure.
Support Area: Around $3,030, where buyers are expected to step in.
Trendline Support: Previously provided bullish momentum but has not been retested in this pullback.
3. Trade Expectation & Price Projection
The price is currently in the support area and showing signs of a possible rebound.
If the support holds, we may see a bullish move back to the $3,045 resistance level.
A break above $3,045 could trigger further upside momentum.
A break below $3,030 may indicate a trend shift or deeper correction.
4. Trading Strategy Considerations
Bullish Setup: Look for reversal signs at support with a target of $3,045.
Bearish Setup: If price fails to hold support, watch for breakdown signals.
Confirmation Needed: Price action confirmation before entering a trade is essential.
Conclusion
This analysis suggests a buying opportunity near support, aiming for $3,045, with a cautious approach in case of a breakdown. Traders should monitor price reaction at key levels before taking action.
Gold Price Analysis (XAU/USD) – 15-Minute Chart
1. Market Structure & Trend
The chart indicates a strong uptrend, starting from a consolidation phase (marked in blue) on the left.
A clear trendline supports the upward movement, showing higher highs and higher lows.
The price recently tested a resistance area around $3,045 and faced rejection, leading to a pullback.
2. Key Levels
Resistance Area: Around $3,045, where price faced selling pressure.
Support Area: Around $3,030, where buyers are expected to step in.
Trendline Support: Previously provided bullish momentum but has not been retested in this pullback.
3. Trade Expectation & Price Projection
The price is currently in the support area and showing signs of a possible rebound.
If the support holds, we may see a bullish move back to the $3,045 resistance level.
A break above $3,045 could trigger further upside momentum.
A break below $3,030 may indicate a trend shift or deeper correction.
4. Trading Strategy Considerations
Bullish Setup: Look for reversal signs at support with a target of $3,045.
Bearish Setup: If price fails to hold support, watch for breakdown signals.
Confirmation Needed: Price action confirmation before entering a trade is essential.
Conclusion
This analysis suggests a buying opportunity near support, aiming for $3,045, with a cautious approach in case of a breakdown. Traders should monitor price reaction at key levels before taking action.
Trade active
Trade activeTrade closed: target reached
Target reached successfully 
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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.
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.