🔶 What happened last week on Gold (XAUUSD)?
Last week was an excellent one for Gold bulls – the price surged by nearly 1500 pips, fully recovering the drop from the 12–16 May week.
Looking at the chart, the decline from the last ATH at 3500 appears clearly corrective, forming a classic ABC 3-wave pattern which now seems complete.
Gold is currently testing a major confluence resistance zone, aligned with:
• The 17 April ATH
• The end-of-April resistance
• And the early May support
Also worth noting: this week’s breakout above resistance followed the formation of an ascending triangle, which is typically bullish.
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❓ Key question – Will the bullish move continue, or will price reject from here?
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🔍 Why a bullish continuation is probable:
1. The ABC corrective structure seems to have ended.
2. Price broke out after an ascending triangle – a bullish signal.
3. The broader structure still leans bullish after the ATH at 3500.
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⚠️ But this resistance zone is critical:
• Without a clear breakout above 3360 zone, bulls don’t have full control.
• A drop below 3300 would shift momentum back to the bears, with 3360 becoming a potential lower high.
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🧭 My Trading Plan:
✅ I favor a bullish scenario, aiming for:
• 3430
• 3500 (ATH retest)
❌ This outlook gets invalidated if price falls below 3300 – in that case, I’ll reassess for more downside.
________________________________________
🚀 The market must confirm the direction. We’re just here to read the map.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Last week was an excellent one for Gold bulls – the price surged by nearly 1500 pips, fully recovering the drop from the 12–16 May week.
Looking at the chart, the decline from the last ATH at 3500 appears clearly corrective, forming a classic ABC 3-wave pattern which now seems complete.
Gold is currently testing a major confluence resistance zone, aligned with:
• The 17 April ATH
• The end-of-April resistance
• And the early May support
Also worth noting: this week’s breakout above resistance followed the formation of an ascending triangle, which is typically bullish.
________________________________________
❓ Key question – Will the bullish move continue, or will price reject from here?
________________________________________
🔍 Why a bullish continuation is probable:
1. The ABC corrective structure seems to have ended.
2. Price broke out after an ascending triangle – a bullish signal.
3. The broader structure still leans bullish after the ATH at 3500.
________________________________________
⚠️ But this resistance zone is critical:
• Without a clear breakout above 3360 zone, bulls don’t have full control.
• A drop below 3300 would shift momentum back to the bears, with 3360 becoming a potential lower high.
________________________________________
🧭 My Trading Plan:
✅ I favor a bullish scenario, aiming for:
• 3430
• 3500 (ATH retest)
❌ This outlook gets invalidated if price falls below 3300 – in that case, I’ll reassess for more downside.
________________________________________
🚀 The market must confirm the direction. We’re just here to read the map.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
Gold made a low at 3330 on the Asian Session.However, the buy scenario is intact as long as the confluence support on short term charts is intact
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
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Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.