Gold 
XAUUSD is currently consolidating around the 3,371 zone after breaking above a descending trendline formed from late July highs. A strong bullish impulse on August 2nd with significant volume suggests renewed buying pressure. Price is now retesting the breakout area — a critical moment to determine if the bullish continuation is sustainable.
- Technical Breakdown:
1. Price Structure & Trendline:
The former resistance at Peak 1 (3,376) is now acting as new support.
A new ascending channel has formed following the breakout.
Price structure is showing higher highs and higher lows, indicating short-term bullish momentum.
2. Fibonacci & EMA:
The Fibonacci retracement of the recent bullish wave (Aug 1–5) aligns the 0.382 and 0.5 zones with strong support around 3,365 – 3,352.
Price is hovering near the EMA20, and a close above this level will further confirm upside potential.
3. RSI Indicator:
RSI is stabilizing around 50–55, reflecting neutral momentum with room for bullish continuation.
- Key Price Levels:
3,352 – 3,365: Major Support (Fib + EMA + previous lows)
3,376 – 3,380: Immediate Support (breakout retest area)
3,390: Minor Resistance
3,438: Bullish Target (Peak 2)
- Suggested Trading Strategy:
Primary Bias: BUY if price holds above 3,365
Entry Zone: Around 3,369–3,372 (retest + trendline confluence)
Stop Loss: Below 3,352
Take Profit: 3,438 (previous peak)
Risk/Reward: ~1:9 (very favorable setup)
- Look for bullish confirmation (e.g., bullish engulfing or pin bar around 3,365–3,370) for a high-probability entry.
- Alternate Scenario:
If price breaks below 3,352 with strong volume, the bullish thesis may be invalidated. In that case, consider short-term short positions targeting 3,320 area.
This chart setup presents a promising trend-continuation opportunity, with technical confluences supporting further upside. As always, wait for clear price action signals before entry and manage risk accordingly.
XAUUSD is currently consolidating around the 3,371 zone after breaking above a descending trendline formed from late July highs. A strong bullish impulse on August 2nd with significant volume suggests renewed buying pressure. Price is now retesting the breakout area — a critical moment to determine if the bullish continuation is sustainable.- Technical Breakdown:
1. Price Structure & Trendline:
The former resistance at Peak 1 (3,376) is now acting as new support.
A new ascending channel has formed following the breakout.
Price structure is showing higher highs and higher lows, indicating short-term bullish momentum.
2. Fibonacci & EMA:
The Fibonacci retracement of the recent bullish wave (Aug 1–5) aligns the 0.382 and 0.5 zones with strong support around 3,365 – 3,352.
Price is hovering near the EMA20, and a close above this level will further confirm upside potential.
3. RSI Indicator:
RSI is stabilizing around 50–55, reflecting neutral momentum with room for bullish continuation.
- Key Price Levels:
3,352 – 3,365: Major Support (Fib + EMA + previous lows)
3,376 – 3,380: Immediate Support (breakout retest area)
3,390: Minor Resistance
3,438: Bullish Target (Peak 2)
- Suggested Trading Strategy:
Primary Bias: BUY if price holds above 3,365
Entry Zone: Around 3,369–3,372 (retest + trendline confluence)
Stop Loss: Below 3,352
Take Profit: 3,438 (previous peak)
Risk/Reward: ~1:9 (very favorable setup)
- Look for bullish confirmation (e.g., bullish engulfing or pin bar around 3,365–3,370) for a high-probability entry.
- Alternate Scenario:
If price breaks below 3,352 with strong volume, the bullish thesis may be invalidated. In that case, consider short-term short positions targeting 3,320 area.
This chart setup presents a promising trend-continuation opportunity, with technical confluences supporting further upside. As always, wait for clear price action signals before entry and manage risk accordingly.
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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Join the community group to get support and share knowledge!
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Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
Related publications
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.