XAUUSD is a typical case of a market trading within an ascending channel, with price action consistently respecting both its upper and lower boundaries.As you can see in my analysis, the price has recently broken through an important resistance zone and may return to retest it. If this level holds as support, it will indeed confirm the bullish trend and make the move towards my projected target of 3,485 highly likely, aiming for the next resistance zone at 3,485 and 3,500.
If the price remains above this support zone, my bullish outlook remains intact. However, if the price fails to hold above this level, the short-term bullish outlook will therefore be disrupted and may be followed by the next downward retracement.
Make sure to always use proper risk management.
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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.