This 30-minute chart for Gold Spot against the U.S. Dollar (XAU/USD) shows a strong consolidation followed by a sharp upward movement. After testing multiple support levels, price bounced strongly from the 3,325 zone and is currently trading at around 3,360.775.
The green zones represent key demand and support areas, where buyers have historically stepped in. Resistance is seen near the 3,400 level. The blue arrow indicates a bullish projection toward the 3,400 resistance zone.
Fakeout & Trap Explanation: A notable fakeout is visible just before the price bounced—this occurred when the price briefly broke below a support level (around 3,345), which may have triggered stop-losses and short entries. However, this move quickly reversed, trapping bears and forcing them to cover their positions, creating a bear trap.
This type of liquidity grab is often engineered by larger market participants to accumulate long positions at better prices. The swift recovery and momentum suggest a bullish continuation toward the next resistance zone near 3,400, as indicated by the arrow.
Conclusion: If the price holds above the mid-level support (~3,345–3,350), we may see further bullish momentum. Watch for a breakout and close above the recent highs for confirmation of trend continuation.
The green zones represent key demand and support areas, where buyers have historically stepped in. Resistance is seen near the 3,400 level. The blue arrow indicates a bullish projection toward the 3,400 resistance zone.
Fakeout & Trap Explanation: A notable fakeout is visible just before the price bounced—this occurred when the price briefly broke below a support level (around 3,345), which may have triggered stop-losses and short entries. However, this move quickly reversed, trapping bears and forcing them to cover their positions, creating a bear trap.
This type of liquidity grab is often engineered by larger market participants to accumulate long positions at better prices. The swift recovery and momentum suggest a bullish continuation toward the next resistance zone near 3,400, as indicated by the arrow.
Conclusion: If the price holds above the mid-level support (~3,345–3,350), we may see further bullish momentum. Watch for a breakout and close above the recent highs for confirmation of trend continuation.
Trade active
🔁 Major Bullish Reversal Zones Identified1. 3,348 – 3,350 Zone
📍 Price currently reacting around this area.
✅ Well-defined demand zone with multiple previous touches and consolidations.
🧲 High probability bounce area.
💡 If supported here, could target 3,370–3,390 in next move.
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2. 3,335 – 3,340 Zone
📉 This level was previously a consolidation base before the major move up.
🛑 Acts as secondary support if 3,348 fails.
✅ Still valid for bullish structure on higher timeframe.
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3. 3,320 – 3,325 Zone
🧱 This is a stronger demand zone, last tested during the previous rally.
🔁 If price wicks down to this zone, it would likely act as the final defense before market turns decisively bearish.
⚠️ Sweeping this level could create a liquidity trap followed by a sharp move up.
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| XAU/USD Trader | Telegram: https://t.me/Aleegoldsignals
| XAU/USD Trader | Telegram: https://t.me/Aleegoldsignals
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.
Daily XAU/USD FREE setups | Let's grow together!
| XAU/USD Trader | Telegram: https://t.me/Aleegoldsignals
| XAU/USD Trader | Telegram: https://t.me/Aleegoldsignals
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.