As of the July 28–29 trading sessions, the XAUUSD 15-minute chart is showing early signs of a bullish reversal, with price reacting strongly at a key Fibonacci support zone and breaking through a descending trendline.
1. Price Action and Technical Structure
After a prolonged downtrend from the 3,430 zone, gold found support at the 0.618 Fibonacci retracement (3,327.85), aligning closely with the horizontal support at 3,324 – 3,327.
A descending trendline has been breached, signaling a potential breakout setup.
A potential ZigZag corrective wave structure is forming, hinting at the beginning of a new bullish swing.
2. Fibonacci Extension & Upside Targets
The Fibonacci extension tool suggests a possible rally toward the 3.618 extension at 3,425.
This level marks the next major upside target if the breakout holds.
3. Key Price Levels
Price Zone
Technical Significance: 3,327 – 3,324 Major support zone (Fib 0.618 + horizontal support)
3,350 – 3,355 First reaction zone / interim resistance
3,380 – 3,400 Strong resistance zone
3,425 Final target – 3.618 Fib extension
4. Suggested Trading Strategy
Long Setup – Breakout & Reversal Confirmation
Entry: 3,328 – 3,332 (after bullish confirmation above trendline and support)
Stop Loss: Below 3,320 (beneath local swing low)
Take Profit: 3,355 → 3,380 → 3,425 (scaling out by zone)
Bearish Continuation Scenario
If price drops below 3,320 and breaks 3,307 support, the bullish outlook is invalidated, and a retest of deeper levels is likely.
5. Volume and Confirmation Cues
Volume has started to pick up as price tests the breakout zone – indicating that buying pressure may be returning.
Wait for a strong bullish candle with volume above average before committing to the trade.
Gold is approaching a critical inflection point, and bulls may regain control from this confluence support zone. Stay alert for a breakout confirmation. Save this idea if you find it helpful and follow for more high-probability strategies!
1. Price Action and Technical Structure
After a prolonged downtrend from the 3,430 zone, gold found support at the 0.618 Fibonacci retracement (3,327.85), aligning closely with the horizontal support at 3,324 – 3,327.
A descending trendline has been breached, signaling a potential breakout setup.
A potential ZigZag corrective wave structure is forming, hinting at the beginning of a new bullish swing.
2. Fibonacci Extension & Upside Targets
The Fibonacci extension tool suggests a possible rally toward the 3.618 extension at 3,425.
This level marks the next major upside target if the breakout holds.
3. Key Price Levels
Price Zone
Technical Significance: 3,327 – 3,324 Major support zone (Fib 0.618 + horizontal support)
3,350 – 3,355 First reaction zone / interim resistance
3,380 – 3,400 Strong resistance zone
3,425 Final target – 3.618 Fib extension
4. Suggested Trading Strategy
Long Setup – Breakout & Reversal Confirmation
Entry: 3,328 – 3,332 (after bullish confirmation above trendline and support)
Stop Loss: Below 3,320 (beneath local swing low)
Take Profit: 3,355 → 3,380 → 3,425 (scaling out by zone)
Bearish Continuation Scenario
If price drops below 3,320 and breaks 3,307 support, the bullish outlook is invalidated, and a retest of deeper levels is likely.
5. Volume and Confirmation Cues
Volume has started to pick up as price tests the breakout zone – indicating that buying pressure may be returning.
Wait for a strong bullish candle with volume above average before committing to the trade.
Gold is approaching a critical inflection point, and bulls may regain control from this confluence support zone. Stay alert for a breakout confirmation. Save this idea if you find it helpful and follow for more high-probability strategies!
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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.