XAUUSD (Gold)* shows a clear bullish trend setup with potential upside targeting *3,000*. Here's the analysis based on the chart:
- *Strong Bullish Momentum*: The price is showing a clear *breakout* above previous resistance levels, confirming the bullish momentum. The price has recently broken key structural points (BOS - Break of Structure), indicating the possibility of further upside movement.
- *Key Support and Resistance*:
- *Support Zone*: Around *2,890*, with a major level of support found around *2,880*. These zones are critical for traders looking to enter at favorable prices.
- *Resistance Zone*: The *3,000* mark is highlighted as a *strong target*. This area has historically acted as resistance, and breaking through this could push Gold even higher.
- *Price Action & Breakout*: After a *Change of Character (Choch)*, where the price structure shifted from bearish to bullish, a breakout from *2,900* is expected to lead the price towards the *3,000* target. This breakout is vital, as it suggests that a new upward trend is in place.
- *Strong Bullish Momentum*: The price is showing a clear *breakout* above previous resistance levels, confirming the bullish momentum. The price has recently broken key structural points (BOS - Break of Structure), indicating the possibility of further upside movement.
- *Key Support and Resistance*:
- *Support Zone*: Around *2,890*, with a major level of support found around *2,880*. These zones are critical for traders looking to enter at favorable prices.
- *Resistance Zone*: The *3,000* mark is highlighted as a *strong target*. This area has historically acted as resistance, and breaking through this could push Gold even higher.
- *Price Action & Breakout*: After a *Change of Character (Choch)*, where the price structure shifted from bearish to bullish, a breakout from *2,900* is expected to lead the price towards the *3,000* target. This breakout is vital, as it suggests that a new upward trend is in place.
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Recommend best broker exness Partner link 👇
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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.