Market Overview: On the M15 timeframe, XAUUSD shows signs of a short-term bullish reversal after a prolonged sideways range around the key support zone of 3,286 – 3,289 USD. Price faked out below this support but quickly recovered, forming a V-shape reversal, suggesting strong buying interest has returned.
Key Levels to Watch:
Support Zones:
- 3,286 – 3,289: Strong intraday support, tested multiple times with sharp rejections
- 3,274: Next significant support if the above zone fails
Resistance Zones:
- 3,300 – 3,304: First resistance target aligned with the recent high
- 3,308 – 3,312: Higher resistance area where supply may emerge
Technical Indicators:
EMA: Price has reclaimed the short-term EMAs, indicating bullish momentum on lower timeframes
RSI: Rising above 50 but not yet overbought – there’s room for further upside
Volume: Increasing volume during the bounce confirms buying strength
Trading Strategy:
- Bullish Scenario (Preferred): Entry Zone: Watch for pullback toward 3,290 – 3,292
Stop Loss: Below 3,285
Take Profit 1: 3,300
Take Profit 2: 3,304
Extended Target: 3,308 – 3,312 (if bullish momentum continues beyond breakout zone)
- Bearish Scenario (Alternate): Only valid if price breaks and closes strongly below 3,286
Short Target: 3,274 – 3,270
Note: Counter-trend strategy – higher risk, requires strong confirmation
Conclusion: Gold is showing a bullish price structure on the 15-minute chart. As long as price holds above the 3,286 – 3,289 support zone, the path of least resistance appears to be upward, with 3,300 and 3,304 as the next logical targets. Monitor price action closely during the U.S. session for a potential long setup.
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Key Levels to Watch:
Support Zones:
- 3,286 – 3,289: Strong intraday support, tested multiple times with sharp rejections
- 3,274: Next significant support if the above zone fails
Resistance Zones:
- 3,300 – 3,304: First resistance target aligned with the recent high
- 3,308 – 3,312: Higher resistance area where supply may emerge
Technical Indicators:
EMA: Price has reclaimed the short-term EMAs, indicating bullish momentum on lower timeframes
RSI: Rising above 50 but not yet overbought – there’s room for further upside
Volume: Increasing volume during the bounce confirms buying strength
Trading Strategy:
- Bullish Scenario (Preferred): Entry Zone: Watch for pullback toward 3,290 – 3,292
Stop Loss: Below 3,285
Take Profit 1: 3,300
Take Profit 2: 3,304
Extended Target: 3,308 – 3,312 (if bullish momentum continues beyond breakout zone)
- Bearish Scenario (Alternate): Only valid if price breaks and closes strongly below 3,286
Short Target: 3,274 – 3,270
Note: Counter-trend strategy – higher risk, requires strong confirmation
Conclusion: Gold is showing a bullish price structure on the 15-minute chart. As long as price holds above the 3,286 – 3,289 support zone, the path of least resistance appears to be upward, with 3,300 and 3,304 as the next logical targets. Monitor price action closely during the U.S. session for a potential long setup.
- Follow for more real-time gold trading strategies and save this idea if you find it helpful!
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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.