XAU/USD Daily Chart Analysis:
Trendline Rejection & Fake Breakout:
The chart shows a bullish structure with a rising trendline. Recently, price action temporarily broke below this trendline, but it quickly reversed, creating a **"fake breakout"** (highlighted in red). This trap likely shook out weak hands and signaled renewed buying pressure.
Current Price Action:
Price has reclaimed the trendline and is now trading back above it, also above the moving average, suggesting strength and a potential continuation to the upside.
Resistance Zone:
The major resistance level is clearly marked around 3445–3446, which previously capped price rallies. The chart suggests a bullish continuation move toward this level.
Bullish Momentum Indication:
The strong bullish candle after the fake breakout indicates strong demand, and the bounce above the trendline acts as confirmation of trend continuation.
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Summary:
Gold (XAU/USD) is showing a strong bullish recovery after a fake breakout below the trendline. If the price sustains above the trendline and moving average, there is a high probability it will target the resistance zone around 3445–3446 in the coming sessions.
Trendline Rejection & Fake Breakout:
The chart shows a bullish structure with a rising trendline. Recently, price action temporarily broke below this trendline, but it quickly reversed, creating a **"fake breakout"** (highlighted in red). This trap likely shook out weak hands and signaled renewed buying pressure.
Current Price Action:
Price has reclaimed the trendline and is now trading back above it, also above the moving average, suggesting strength and a potential continuation to the upside.
Resistance Zone:
The major resistance level is clearly marked around 3445–3446, which previously capped price rallies. The chart suggests a bullish continuation move toward this level.
Bullish Momentum Indication:
The strong bullish candle after the fake breakout indicates strong demand, and the bounce above the trendline acts as confirmation of trend continuation.
---
Summary:
Gold (XAU/USD) is showing a strong bullish recovery after a fake breakout below the trendline. If the price sustains above the trendline and moving average, there is a high probability it will target the resistance zone around 3445–3446 in the coming sessions.
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Market reached 3360 close here pips gain 200
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🟡 TELEGRAM CHANNEL:
Free Signals With Technical Chart:
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Free Signals With Technical Chart:
t.me/+JLFlD0eg3LFjNjU8
📞TELEGRAM ME
@t.me/daniel9145
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.