In the most recent trading session, gold (XAUUSD) has made a strong rebound from the key support zone around $3,263 and is now approaching a short-term resistance near $3,347 – signaling a potential continuation of the bullish momentum in the short term.
1. Price Structure & Market Behavior After reaching a local top around $3,347–$3,350, gold entered a clear downtrend.
However, the breakout of the descending trendline (yellow line) with solid bullish candles is a strong reversal signal.
The market has formed higher highs and higher lows with strong bullish candles, confirming a V-shape reversal pattern from the bottom zone.
2. Key Support & Resistance Levels Immediate resistance: $3,347–$3,350 – previous rejection zone.
Short-term support: $3,308 – newly broken resistance now acting as support.
Major support: $3,263 – previous low with strong bullish bounce, highlighting significant buyer interest.
3. Suggested Trading Strategy Given the strong breakout and bullish trend structure, traders may consider a buy-the-dip strategy around $3,308–$3,315 on potential pullbacks.
Stop-loss should be placed below $3,263 to protect against false breakouts.
Short-term take-profit targets can be set at $3,350–$3,360. If this level breaks, extended targets could reach $3,375.
Volume & Momentum Volume is increasing along with price, confirming strong buyer participation.
Bullish candles are closing near highs, showing weak selling pressure and suggesting the uptrend may continue.
Conclusion: Gold has resumed a short-term uptrend after breaking its previous downtrend. Traders should favor bullish setups and look for pullbacks to enter at better prices. Watch the $3,347 zone closely – if gold breaks and holds above it, further upside is likely.
1. Price Structure & Market Behavior After reaching a local top around $3,347–$3,350, gold entered a clear downtrend.
However, the breakout of the descending trendline (yellow line) with solid bullish candles is a strong reversal signal.
The market has formed higher highs and higher lows with strong bullish candles, confirming a V-shape reversal pattern from the bottom zone.
2. Key Support & Resistance Levels Immediate resistance: $3,347–$3,350 – previous rejection zone.
Short-term support: $3,308 – newly broken resistance now acting as support.
Major support: $3,263 – previous low with strong bullish bounce, highlighting significant buyer interest.
3. Suggested Trading Strategy Given the strong breakout and bullish trend structure, traders may consider a buy-the-dip strategy around $3,308–$3,315 on potential pullbacks.
Stop-loss should be placed below $3,263 to protect against false breakouts.
Short-term take-profit targets can be set at $3,350–$3,360. If this level breaks, extended targets could reach $3,375.
Volume & Momentum Volume is increasing along with price, confirming strong buyer participation.
Bullish candles are closing near highs, showing weak selling pressure and suggesting the uptrend may continue.
Conclusion: Gold has resumed a short-term uptrend after breaking its previous downtrend. Traders should favor bullish setups and look for pullbacks to enter at better prices. Watch the $3,347 zone closely – if gold breaks and holds above it, further upside is likely.
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There are many new developments in today's session — stay tuned, I'll keep you updated regularly.
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