XAUUSD | Potential Move To 3100 with Bullish Pennant Formation.
Technical Analysis
XAUUSD shows strong potential to move towards the supply zone at 2749.63, followed by a possible pullback to the demand zone at 2581.85. This movement could form a bullish pennant pattern, which is a continuation pattern. A breakout from this pennant may lead to the -61.80% Fibonacci target at 3101.21.
Below is a chart illustrating the potential movement towards the supply and demand zones:
Supply and Demand Zones (<tradingview.com/x/tAcbiAKN>)
Once the bullish pennant forms and a breakout occurs, the price could reach the -61.80% Fibonacci level, which is the typical target for such patterns. The next chart highlights this scenario:
Breakout to Target (<tradingview.com/x/7thGqUch/>)
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Fundamental Insights
Fundamentally, rising inflation and ongoing geopolitical tensions continue to support gold’s safe-haven appeal. Upcoming economic data, particularly from the U.S., will play a crucial role in shaping market sentiment and confirming the potential moves.
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Summary
XAUUSD has significant potential for a move to 2749.63, followed by a pullback to 2581.85, which could form a bullish pennant. A breakout from the pennant might result in a move toward the -61.80% Fibonacci level at 3101.21. Traders should monitor price action and fundamental developments to validate this setup.
XAUUSD shows strong potential to move towards the supply zone at 2749.63, followed by a possible pullback to the demand zone at 2581.85. This movement could form a bullish pennant pattern, which is a continuation pattern. A breakout from this pennant may lead to the -61.80% Fibonacci target at 3101.21.
Below is a chart illustrating the potential movement towards the supply and demand zones:
Supply and Demand Zones (<tradingview.com/x/tAcbiAKN>)
Once the bullish pennant forms and a breakout occurs, the price could reach the -61.80% Fibonacci level, which is the typical target for such patterns. The next chart highlights this scenario:
Breakout to Target (<tradingview.com/x/7thGqUch/>)
---
Fundamental Insights
Fundamentally, rising inflation and ongoing geopolitical tensions continue to support gold’s safe-haven appeal. Upcoming economic data, particularly from the U.S., will play a crucial role in shaping market sentiment and confirming the potential moves.
---
Summary
XAUUSD has significant potential for a move to 2749.63, followed by a pullback to 2581.85, which could form a bullish pennant. A breakout from the pennant might result in a move toward the -61.80% Fibonacci level at 3101.21. Traders should monitor price action and fundamental developments to validate this setup.
Note
Apologies for the inconvenience! The links in my previous post were not correctly entered and don't work. Since I can't edit the post anymore, Here are the illustrations. Thank you for your understanding!
Supply and Demand Zones:
Breakout To Target:
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.