Hi traders! , Analyzing XAU/USD on the 1H timeframe, price is currently bouncing off a long-term ascending trendline, showing signs of a potential bullish continuation:
🔹 Entry: 3318
🔹 Take Profit (TP): 3424
🔹 Stop Loss (SL): 3207
After testing the ascending trendline multiple times, gold is once again showing bullish rejection near support. Price remains above the key trendline and is attempting to form a higher low within the broader uptrend.
The RSI is recovering from oversold territory (currently around 49), which suggests weakening selling pressure and possible buildup of bullish momentum.
If the structure holds, the target at 3424 aligns with a previous resistance area and a natural extension of the upward channel. The risk-reward is favorable with a strong technical confluence backing the setup.
⚠️ DISCLAIMER: This is not financial advice. Every trader is responsible for managing their own risk and strategy.
🔹 Entry: 3318
🔹 Take Profit (TP): 3424
🔹 Stop Loss (SL): 3207
After testing the ascending trendline multiple times, gold is once again showing bullish rejection near support. Price remains above the key trendline and is attempting to form a higher low within the broader uptrend.
The RSI is recovering from oversold territory (currently around 49), which suggests weakening selling pressure and possible buildup of bullish momentum.
If the structure holds, the target at 3424 aligns with a previous resistance area and a natural extension of the upward channel. The risk-reward is favorable with a strong technical confluence backing the setup.
⚠️ DISCLAIMER: This is not financial advice. Every trader is responsible for managing their own risk and strategy.
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Disclaimer
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🔥 Top indicators I personally use 👇
tinyurl.com/36vkfjm9
tinyurl.com/36vkfjm9
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.