On the 4H chart, XAUUSD is currently forming a bullish flag with an upside projection towards the 3580 USD area.
Following the breakout of the flag, a rising channel has developed. Price is now testing the lower boundary of that channel — a key area from which a bounce could occur, potentially targeting the upper range.
Adding confluence, the current price aligns precisely with the 61.8% Fibonacci retracement from the latest bullish impulse, presenting a double signal for a potential buy setup.
It's advisable to wait for a clear technical confirmation before entering long positions, aiming to complete the broader bullish structure in the medium to long term.
Following the breakout of the flag, a rising channel has developed. Price is now testing the lower boundary of that channel — a key area from which a bounce could occur, potentially targeting the upper range.
Adding confluence, the current price aligns precisely with the 61.8% Fibonacci retracement from the latest bullish impulse, presenting a double signal for a potential buy setup.
It's advisable to wait for a clear technical confirmation before entering long positions, aiming to complete the broader bullish structure in the medium to long term.
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.