I'm currently bullish on Gold (XAU/USD) in the short to medium term, based on the 4-hour chart structure and key technical levels.
🔍 Technical Breakdown
✅ Key Support Zone:
Price recently respected the $3,204.97 level, which has proven to be a key support area on the 4H chart. This level has held strong after multiple tests, forming a solid base for potential upward movement.
✅ Resistance / TP1:
The first significant resistance level lies at $3,435.13. This is a previous supply zone where price faced selling pressure. If bullish momentum sustains, this will be my first take-profit (TP1) level.
✅ Resistance TP2:
Should the price break above TP1 with strong volume, the next major resistance is around $3,497.61, which will act as TP2 for this long setup.
📊 Trade Setup
• Entry Zone: Around $3,328–$3,333
• Stop Loss: Below recent swing low at $3,263.26
• Take Profits:
TP1: $3,435.13
TP2: $3,497.61
🔁 Risk-Reward Ratio: ~2.32
This setup offers a favorable R:R with a potential gain of 4.91% vs. a risk of 2.12%.
📉 BBTrend Indicator Confirmation
The BBTrend histogram has started turning green again, indicating a shift in momentum toward the bulls. This transition often aligns with the early phase of upward movement, supporting a potential continuation of the trend.
🧠 Conclusion
The market structure shows higher lows forming after a strong support retest, signaling a bullish reversal. A break and close above $3,333 would further validate the bullish thesis. As long as the support at $3,204.97 holds, I remain optimistic about Gold retesting higher resistance zones.
🟩 Bias: Bullish
📅 Timeframe: 4H
⚠️ Note: Always manage your risk and confirm entries with your own strategy.
🔍 Technical Breakdown
✅ Key Support Zone:
Price recently respected the $3,204.97 level, which has proven to be a key support area on the 4H chart. This level has held strong after multiple tests, forming a solid base for potential upward movement.
✅ Resistance / TP1:
The first significant resistance level lies at $3,435.13. This is a previous supply zone where price faced selling pressure. If bullish momentum sustains, this will be my first take-profit (TP1) level.
✅ Resistance TP2:
Should the price break above TP1 with strong volume, the next major resistance is around $3,497.61, which will act as TP2 for this long setup.
📊 Trade Setup
• Entry Zone: Around $3,328–$3,333
• Stop Loss: Below recent swing low at $3,263.26
• Take Profits:
TP1: $3,435.13
TP2: $3,497.61
🔁 Risk-Reward Ratio: ~2.32
This setup offers a favorable R:R with a potential gain of 4.91% vs. a risk of 2.12%.
📉 BBTrend Indicator Confirmation
The BBTrend histogram has started turning green again, indicating a shift in momentum toward the bulls. This transition often aligns with the early phase of upward movement, supporting a potential continuation of the trend.
🧠 Conclusion
The market structure shows higher lows forming after a strong support retest, signaling a bullish reversal. A break and close above $3,333 would further validate the bullish thesis. As long as the support at $3,204.97 holds, I remain optimistic about Gold retesting higher resistance zones.
🟩 Bias: Bullish
📅 Timeframe: 4H
⚠️ Note: Always manage your risk and confirm entries with your own strategy.
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Trade forex, indices, stocks and metals with up to US$100.000 in company's funding.
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
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.