XAU/USD) Bullish trand analysis Read The ChaptianSMC Trading point update
technical analysis of Gold (XAUUSD) on a 2-hour timeframe, with a bullish outlook. Here's a breakdown
1. Trend & Structure:
Uptrend Channel: Price is moving within a clear upward channel, respecting the trendline.
Higher Highs and Higher Lows: Indicates strong bullish momentum.
2. Key Zones:
Key Support Level (Yellow Box): Around $3,158.49 – this is the "safe entry point" if price pulls back.
First Entry Point: Around $3,222.76 – likely a breakout entry above a local resistance.
Target Point: $3,378.01 – a projected bullish target based on continuation.
3. Indicators:
RSI (14): Currently above 70 (overbought zone), but still climbing. There's bullish strength, but a pullback may occur soon.
200 EMA: Positioned below current price, confirming the bullish bias.
Mr SMC Trading point
4. Expected Scenarios (2 Paths):
Bullish Continuation: Price keeps rising, respecting the uptrend and hitting the target.
Pullback and Bounce: Price may retrace to the support zone or trendline, then bounce back up to target.
Summary of Idea:
This is a buy setup:
Buy at breakout above $3,222.76 (First Entry)
Safer buy at $3,158.49 (Support Re-test)
Target: $3,378.01
Watch RSI for pullback clues.
Pales support boost 🚀 analysis follow)
