Bullish Breakout from Descending Channel:
• The price has broken out of a descending channel (marked in blue), indicating a shift in momentum towards the upside.
• This breakout suggests a potential continuation of the bullish trend.
2. Key Support & Resistance Levels:
• Support Zones:
• $2,920 - $2,925: A key retest zone where price might pull back before continuing upwards.
• $2,880 - $2,890: A stronger support area in case of a deeper retracement.
• Resistance Levels:
• $2,960 - $2,980: The next target area where the price could face resistance.
3. Potential Price Action Scenarios:
• The chart suggests two possible bullish movements:
1. A minor pullback to the support zone ($2,920 - $2,925) before continuing higher.
2. A direct breakout towards the next resistance zone around $2,960 - $2,980.
4. Volume Analysis:
• Increasing volume indicates strong buying interest, supporting the bullish bias.
Conclusion:
Gold (XAU/USD) appears bullish after breaking out of the descending channel. Traders should watch the $2,920 support level for potential buy opportunities, with targets around $2,960 or higher. However, a breakdown below $2,920 could signal a deeper retracement.
• The price has broken out of a descending channel (marked in blue), indicating a shift in momentum towards the upside.
• This breakout suggests a potential continuation of the bullish trend.
2. Key Support & Resistance Levels:
• Support Zones:
• $2,920 - $2,925: A key retest zone where price might pull back before continuing upwards.
• $2,880 - $2,890: A stronger support area in case of a deeper retracement.
• Resistance Levels:
• $2,960 - $2,980: The next target area where the price could face resistance.
3. Potential Price Action Scenarios:
• The chart suggests two possible bullish movements:
1. A minor pullback to the support zone ($2,920 - $2,925) before continuing higher.
2. A direct breakout towards the next resistance zone around $2,960 - $2,980.
4. Volume Analysis:
• Increasing volume indicates strong buying interest, supporting the bullish bias.
Conclusion:
Gold (XAU/USD) appears bullish after breaking out of the descending channel. Traders should watch the $2,920 support level for potential buy opportunities, with targets around $2,960 or higher. However, a breakdown below $2,920 could signal a deeper retracement.
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.
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.