GOLD Breaks Resistance - Can Bulls Maintain Momentum?
XAUUSD has broken above a major resistance level and is currently retesting this level as support. This area has historically acted as a key decision point, and its role as new support will be crucial in determining the next move. If buyers step in and successfully defend this level, I anticipate a continuation of the bullish trend, with price targeting the 2,830 level. This scenario aligns with the broader uptrend and could offer a strong buying opportunity.However, if this support level fails to hold and sellers push the price below it, we could see further bearish momentum, potentially leading to a deeper pullback. Traders should closely monitor price action for confirmation signals, such as bullish engulfing candles, strong buying volume, or a clear rejection wick, which would indicate that buyers are reclaiming control.
Keeping an eye on market structure and key technical signals will be essential for making informed trading decisions.
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