This chart shows a technical breakout setup on the XAU/USD 2-hour timeframe, highlighting a bullish continuation pattern after a breakout.
Key Elements on the Chart:
1. Downward Trendline (Blue) – Broken:
The chart initially shows a long-term descending trendline (connecting red arrows) which was broken to the upside.
This breakout occurred around the $3,300 area.
2. Retest of Breakout (Blue Arrows):
After breaking the trendline, price pulled back to retest the trendline (now acting as support), which is typical in breakout confirmations.
3. Bullish Breakout Zone (Orange Line):
The orange resistance zone at around $3,451 is the next major target.
The green box with an upward arrow indicates the projected bullish move toward this resistance level.
4. Consolidation Before Potential Rally:
Price is consolidating in a tight range just above previous resistance (now acting as support), which suggests accumulation before another leg up.
Trading Outlook:
Bullish Bias as long as price stays above ~$3,350–$3,360.
Entry Idea: Long entry on a minor pullback or confirmation candle above $3,390.
Target: $3,451 (orange resistance zone).
Stop-Loss: Below $3,350 (bottom of the green box zone).
Let me know if you'd like a risk/reward breakdown or an updated version of this setup with indicators (RSI, MA, etc.).
Key Elements on the Chart:
1. Downward Trendline (Blue) – Broken:
The chart initially shows a long-term descending trendline (connecting red arrows) which was broken to the upside.
This breakout occurred around the $3,300 area.
2. Retest of Breakout (Blue Arrows):
After breaking the trendline, price pulled back to retest the trendline (now acting as support), which is typical in breakout confirmations.
3. Bullish Breakout Zone (Orange Line):
The orange resistance zone at around $3,451 is the next major target.
The green box with an upward arrow indicates the projected bullish move toward this resistance level.
4. Consolidation Before Potential Rally:
Price is consolidating in a tight range just above previous resistance (now acting as support), which suggests accumulation before another leg up.
Trading Outlook:
Bullish Bias as long as price stays above ~$3,350–$3,360.
Entry Idea: Long entry on a minor pullback or confirmation candle above $3,390.
Target: $3,451 (orange resistance zone).
Stop-Loss: Below $3,350 (bottom of the green box zone).
Let me know if you'd like a risk/reward breakdown or an updated version of this setup with indicators (RSI, MA, etc.).
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.