🟡 Gold (XAU/USD) 1H Analysis – Potential Breakout Play 📈
🔎 Key Levels and Zones
Resistance Zone: Around $3,410 – $3,430.
Midpoint/Key Resistance-Turned-Support: Around $3,360 – $3,370.
Support Zone: Around $3,270 – $3,290.
🔀 Chart Structure & Momentum
The price is in a short-term bullish recovery after finding strong support at the $3,270 – $3,290 level.
The breakout above the midpoint around $3,360 is a significant bullish trigger, suggesting that bulls are taking charge.
📊 Scenario Analysis
Bullish Scenario (Primary Bias) 🟢: If the price holds above the midpoint ($3,360), we expect a push towards the resistance zone ($3,410 – $3,430). This aligns with the “resistance-flip-support” concept, where the previous resistance becomes a new support base.
Bearish Scenario (Alternate Bias) 🔴: If the price fails to hold above $3,360, a re-test of the support zone ($3,270 – $3,290) is likely. From there, bulls will likely try to defend the area and launch another attempt upwards.
📌 Conclusion
The path of least resistance currently favors the bulls while the $3,360 level holds.
Watch for consolidation near $3,360 – $3,370 as a healthy retest before potential continuation to the upside target zone ($3,410 – $3,430).
📅 Near-Term Bias
Remain cautiously bullish while above $3,360.
A confirmed breakout above $3,410 opens room for further bullish momentum, while a breakdown below $3,360 can re-test the key support at $3,270.
🔎 Key Levels and Zones
Resistance Zone: Around $3,410 – $3,430.
Midpoint/Key Resistance-Turned-Support: Around $3,360 – $3,370.
Support Zone: Around $3,270 – $3,290.
🔀 Chart Structure & Momentum
The price is in a short-term bullish recovery after finding strong support at the $3,270 – $3,290 level.
The breakout above the midpoint around $3,360 is a significant bullish trigger, suggesting that bulls are taking charge.
📊 Scenario Analysis
Bullish Scenario (Primary Bias) 🟢: If the price holds above the midpoint ($3,360), we expect a push towards the resistance zone ($3,410 – $3,430). This aligns with the “resistance-flip-support” concept, where the previous resistance becomes a new support base.
Bearish Scenario (Alternate Bias) 🔴: If the price fails to hold above $3,360, a re-test of the support zone ($3,270 – $3,290) is likely. From there, bulls will likely try to defend the area and launch another attempt upwards.
📌 Conclusion
The path of least resistance currently favors the bulls while the $3,360 level holds.
Watch for consolidation near $3,360 – $3,370 as a healthy retest before potential continuation to the upside target zone ($3,410 – $3,430).
📅 Near-Term Bias
Remain cautiously bullish while above $3,360.
A confirmed breakout above $3,410 opens room for further bullish momentum, while a breakdown below $3,360 can re-test the key support at $3,270.
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Market Analysts, Mentor, Forex Trader.
#XAUUSD Trader
FREE ANALYSIS AT ENTRY POINT.
Your Growth Is My Priority link
t.me/VikingFxCommunityAcademy
#XAUUSD Trader
FREE ANALYSIS AT ENTRY POINT.
Your Growth Is My Priority link
t.me/VikingFxCommunityAcademy
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.
Market Analysts, Mentor, Forex Trader.
#XAUUSD Trader
FREE ANALYSIS AT ENTRY POINT.
Your Growth Is My Priority link
t.me/VikingFxCommunityAcademy
#XAUUSD Trader
FREE ANALYSIS AT ENTRY POINT.
Your Growth Is My Priority link
t.me/VikingFxCommunityAcademy
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.