📈 Gold (XAU/USD) – 6H Time Frame Bullish Breakout Watch
Gold is now pressing into a major descending trendline, connecting two significant swing highs — and we’re seeing strong bullish momentum driving price into this key level.
🔹 Key Technical Insights:
Descending Resistance Test:
Price is testing a long-standing descending trendline. A confirmed break and close above could trigger a strong breakout run toward the next key high.
Volume Building:
Volume is steadily increasing, indicating growing bullish participation — a classic pre-breakout signature.
Fibonacci Confluence Zone:
The 71% Fib retracement has held as a strong support base, lining up with a prior demand zone — a textbook accumulation zone.
200 EMA Acting as Launchpad:
Price broke above and retested the 200 EMA, now acting as dynamic support. Structure confirms bullish control.
🔹 Targets in Sight:
Target 1: 3,499.92 (local resistance / double top)
Target 2: 3,516.38 (previous high)
📌 Summary:
Gold is positioned for a potential bullish breakout if it can break and sustain above trendline resistance. All key elements — rising volume, Fib support, structure, and EMA positioning — point to momentum favoring the upside.
Gold is now pressing into a major descending trendline, connecting two significant swing highs — and we’re seeing strong bullish momentum driving price into this key level.
🔹 Key Technical Insights:
Descending Resistance Test:
Price is testing a long-standing descending trendline. A confirmed break and close above could trigger a strong breakout run toward the next key high.
Volume Building:
Volume is steadily increasing, indicating growing bullish participation — a classic pre-breakout signature.
Fibonacci Confluence Zone:
The 71% Fib retracement has held as a strong support base, lining up with a prior demand zone — a textbook accumulation zone.
200 EMA Acting as Launchpad:
Price broke above and retested the 200 EMA, now acting as dynamic support. Structure confirms bullish control.
🔹 Targets in Sight:
Target 1: 3,499.92 (local resistance / double top)
Target 2: 3,516.38 (previous high)
📌 Summary:
Gold is positioned for a potential bullish breakout if it can break and sustain above trendline resistance. All key elements — rising volume, Fib support, structure, and EMA positioning — point to momentum favoring the upside.
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.
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.