XAUUSD demonstrated exceptional strength this week as geopolitical tensions from Israeli-Iranian conflicts drove massive safe-haven demand. The metal successfully broke above the critical 3,360 resistance level, confirming the completion of an inverse head and shoulders pattern that has been forming since April.The 4H chart reveals the market appears to be forming an ascending triangle pattern within a broader upward trendline, suggesting continued bullish momentum. The recent breakout above the monthly high resistance zone indicates strong institutional buying pressure.
The daily chart presents an even more compelling picture with the completion of an inverse head and shoulders pattern, a classic bullish reversal formation. This technical setup, combined with the massive flag pattern completion, projects potential targets toward $3,650-$3,700 levels. The right shoulder formation confirms the pattern's validity, while sustained buying above previous resistance zones validates the upward trajectory.
We should monitor the $3,430-$3,450 resistance area closely, as a decisive break could accelerate momentum toward the projected targets. The combination of geopolitical risk premiums and technically sound chart patterns creates a favorable environment for continued gold appreciation in the mid-term.
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XAUUSD is breaking out of an ascending triangle pattern, following multiple rejections at the previous month’s high and showing strong bullish pressure above the 3386 level. Price is retesting the breakout zone with a shallow pullback, suggesting strength and possible continuation. The structure supports a push toward the 3500 target area if momentum holds.📈 Key Levels
- Buy zone: 3386–3400
- Sell trigger: break below 3360 support
- Target: 3500
- Buy trigger: bullish close above 3420
💡 Risks
- Failure to sustain above 3386 may result in a deeper correction
- Strong USD or hawkish Fed commentary could dampen bullish sentiment
- False breakout risk remains near major resistance at 3430–3450
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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.
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
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.