With Key Resistance in Focus
Gold (XAUUSD) on the 4H chart has broken out of a falling channel, signaling a potential trend reversal. Price is currently testing the resistance zone between $3,372 and $3,383. If price successfully breaks and holds above this level, it may target the supply zone near $3,431–$3,442.
Technical Analysis:
Bullish Breakout: Price surged out of the descending channel
Resistance Zone: $3,372–$3,383 needs to be cleared for further upside
Support Zone: $3,320–$3,333 offers strong base if price pulls back
Potential Bullish Scenario: Break and retest of resistance may lead to continuation toward the supply zone
Fundamental Insight:
Gold is gaining strength amid renewed demand for safe-haven assets due to global economic uncertainty and Fed rate pause speculation, supporting bullish momentum.
Trade Bias:
Wait for confirmation above resistance for long entries. Pullbacks to support could offer bullish re-entry opportunities.
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This is not financial advice. Please conduct your own research and manage risk accordingly.
Gold (XAUUSD) on the 4H chart has broken out of a falling channel, signaling a potential trend reversal. Price is currently testing the resistance zone between $3,372 and $3,383. If price successfully breaks and holds above this level, it may target the supply zone near $3,431–$3,442.
Technical Analysis:
Bullish Breakout: Price surged out of the descending channel
Resistance Zone: $3,372–$3,383 needs to be cleared for further upside
Support Zone: $3,320–$3,333 offers strong base if price pulls back
Potential Bullish Scenario: Break and retest of resistance may lead to continuation toward the supply zone
Fundamental Insight:
Gold is gaining strength amid renewed demand for safe-haven assets due to global economic uncertainty and Fed rate pause speculation, supporting bullish momentum.
Trade Bias:
Wait for confirmation above resistance for long entries. Pullbacks to support could offer bullish re-entry opportunities.
Note: If you found this helpful, like and follow for more trade ideas!
Share My Idea With Your Firends Mention Your Feed back Comment Section
This is not financial advice. Please conduct your own research and manage risk accordingly.
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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.
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.