XAUUSD Bull or Bear?
Gold (XAU/USD) Analysis – Current Market Outlook
Based on the latest charts, XAU/USD has made a minor pullback after breaking above the 3005 level, but the overall structure remains bullish.
Key Observations:
1. H1 and H4:
The price continues to form higher highs and higher lows.
EMA 5 and EMA 21 support the uptrend.
RSI remains above 60, confirming bullish momentum.
2. M30 and M15:
The pullback on these timeframes appears to be a simple retest of a recently formed support level.
If the price holds the 3010-3008 zone, it could be a good area for a new long entry.
3. M5:
The price tested the 3015 level and is now trying to hold the 3010-3011 area.
If this zone fails, the next major support is around 3005.
Trading Plan:
✅ For a Long Position:
Wait for consolidation or a clear rejection at 3010-3008.
Entry confirmation: a higher low forming on M5/M15.
TP1: 3020
TP2: 3030
SL: Below 3005
❌ For a Short Position:
Only consider a short if there is a clear rejection from 3015-3020 and a lower high formation on M15/M30.
Entry confirmation: a bearish close on H1.
TP1: 3005
TP2: 2994
SL: Above 3025
Currently, the bullish trend seems more likely to continue, but we need to observe how the price reacts at the mentioned support zones.
Based on the latest charts, XAU/USD has made a minor pullback after breaking above the 3005 level, but the overall structure remains bullish.
Key Observations:
1. H1 and H4:
The price continues to form higher highs and higher lows.
EMA 5 and EMA 21 support the uptrend.
RSI remains above 60, confirming bullish momentum.
2. M30 and M15:
The pullback on these timeframes appears to be a simple retest of a recently formed support level.
If the price holds the 3010-3008 zone, it could be a good area for a new long entry.
3. M5:
The price tested the 3015 level and is now trying to hold the 3010-3011 area.
If this zone fails, the next major support is around 3005.
Trading Plan:
✅ For a Long Position:
Wait for consolidation or a clear rejection at 3010-3008.
Entry confirmation: a higher low forming on M5/M15.
TP1: 3020
TP2: 3030
SL: Below 3005
❌ For a Short Position:
Only consider a short if there is a clear rejection from 3015-3020 and a lower high formation on M15/M30.
Entry confirmation: a bearish close on H1.
TP1: 3005
TP2: 2994
SL: Above 3025
Currently, the bullish trend seems more likely to continue, but we need to observe how the price reacts at the mentioned support zones.
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.