XAU/USD Analysis Update – Bullish Momentum in Play
Gold has shown strong bullish momentum, currently trading at $3037 after a powerful rejection from the supply zone at $3017. It has successfully broken the previously long-standing resistance at $3033, confirming a potential shift in market sentiment.
With this breakout, I expect gold to continue its upward movement toward the following targets:
TP1: $3065 – where a major trendline resistance is in play.
TP2: $3100 – upon a successful break and close above $3065.
Note: A short-term retracement toward $3026 is possible before the bullish rally resumes.
Stay alert and manage risk accordingly. Price action and structure are favoring the bulls for now.
Gold has shown strong bullish momentum, currently trading at $3037 after a powerful rejection from the supply zone at $3017. It has successfully broken the previously long-standing resistance at $3033, confirming a potential shift in market sentiment.
With this breakout, I expect gold to continue its upward movement toward the following targets:
TP1: $3065 – where a major trendline resistance is in play.
TP2: $3100 – upon a successful break and close above $3065.
Note: A short-term retracement toward $3026 is possible before the bullish rally resumes.
Stay alert and manage risk accordingly. Price action and structure are favoring the bulls for now.
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Join our telegram channel for free signals and analysis updates
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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.