Technical analysis of (XAU/USD – 3-hour timeframe):
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Bullish Breakout Setup – Gold (XAU/USD)
📈 Technical Overview:
Chart Pattern: Ascending triangle formation.
Support Level: Strong horizontal support around $3,400.
Breakout Zone: Price is attempting a breakout above the resistance trendline.
Target Point: Projected upside target is $3,504.11, representing a potential move of +3.30% (approx. $112).
📊 Indicators:
EMA 50 & EMA 200: Price is trading above both EMAs, indicating bullish momentum.
RSI (14): Currently around 70.33, suggesting strong bullish pressure, nearing overbought territory.
📌 Trading Plan:
Entry: On confirmation of breakout and retest above the resistance zone (~$3,430).
Target: $3,504.11.
Stop Loss: Below the ascending trendline support (~$3,400).
🛡️ Risk Management: Wait for confirmation of breakout and retest before entry to avoid a false breakout scenario.
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Bullish Breakout Setup – Gold (XAU/USD)
📈 Technical Overview:
Chart Pattern: Ascending triangle formation.
Support Level: Strong horizontal support around $3,400.
Breakout Zone: Price is attempting a breakout above the resistance trendline.
Target Point: Projected upside target is $3,504.11, representing a potential move of +3.30% (approx. $112).
📊 Indicators:
EMA 50 & EMA 200: Price is trading above both EMAs, indicating bullish momentum.
RSI (14): Currently around 70.33, suggesting strong bullish pressure, nearing overbought territory.
📌 Trading Plan:
Entry: On confirmation of breakout and retest above the resistance zone (~$3,430).
Target: $3,504.11.
Stop Loss: Below the ascending trendline support (~$3,400).
🛡️ Risk Management: Wait for confirmation of breakout and retest before entry to avoid a false breakout scenario.
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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.