Current Market Condition
Gold (XAU/USD) is currently in a consolidation phase, trading within a range between $2930 and $2891. At present, the price stands at $2909.50, indicating that the market is indecisive and awaiting a breakout.
On the Daily (D1) timeframe, XAU/USD has broken the previous uptrend, signaling a potential shift in momentum. The current price action suggests that the market is undergoing a retracement phase, and a deeper correction may be expected.
Bearish Scenario: Downside Breakout Expected
The $2930 resistance level has been tested multiple times, with strong rejection, confirming the presence of strong sellers in the market.
If XAU/USD fails to regain strength above $2930, it is likely to break the key support level at $2891 and continue its downward move.
Once $2891 is broken, further downside targets are:
Target 01: $2859
Target 02: $2834
These levels align with historical support zones and Fibonacci retracement levels, further supporting the bearish outlook.
Bullish Scenario: Breakout Above $2930
If XAU/USD gains bullish momentum and breaks above the $2930 level, buyers will take control, and the price may rally further.
The immediate upside targets in this scenario are:
Target 01: $2956
Target 02: $2980
Additionally, market sentiment remains highly bullish in the long term, with expectations that gold could test its all-time high of $3000.
Market Sentiment & Conclusion
The current sentiment in XAU/USD suggests a higher probability of downside movement, as long as the price remains below $2930. However, a breakout above this level will shift the momentum in favor of buyers, targeting new highs. Traders should monitor key levels closely and watch for confirmation before entering trades.
📌 Key Levels to Watch:
🔻 Support: $2891, $2859, $2834
🔺 Resistance: $2930, $2956, $2980, $3000
Gold (XAU/USD) is currently in a consolidation phase, trading within a range between $2930 and $2891. At present, the price stands at $2909.50, indicating that the market is indecisive and awaiting a breakout.
On the Daily (D1) timeframe, XAU/USD has broken the previous uptrend, signaling a potential shift in momentum. The current price action suggests that the market is undergoing a retracement phase, and a deeper correction may be expected.
Bearish Scenario: Downside Breakout Expected
The $2930 resistance level has been tested multiple times, with strong rejection, confirming the presence of strong sellers in the market.
If XAU/USD fails to regain strength above $2930, it is likely to break the key support level at $2891 and continue its downward move.
Once $2891 is broken, further downside targets are:
Target 01: $2859
Target 02: $2834
These levels align with historical support zones and Fibonacci retracement levels, further supporting the bearish outlook.
Bullish Scenario: Breakout Above $2930
If XAU/USD gains bullish momentum and breaks above the $2930 level, buyers will take control, and the price may rally further.
The immediate upside targets in this scenario are:
Target 01: $2956
Target 02: $2980
Additionally, market sentiment remains highly bullish in the long term, with expectations that gold could test its all-time high of $3000.
Market Sentiment & Conclusion
The current sentiment in XAU/USD suggests a higher probability of downside movement, as long as the price remains below $2930. However, a breakout above this level will shift the momentum in favor of buyers, targeting new highs. Traders should monitor key levels closely and watch for confirmation before entering trades.
📌 Key Levels to Watch:
🔻 Support: $2891, $2859, $2834
🔺 Resistance: $2930, $2956, $2980, $3000
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Join My Telegram Channel for Signals and Technical Charts
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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.