Based on this chart for Gold (XAU/USD), here’s an analysis:
Based on this chart for Gold (XAU/USD), here’s an analysis:
Observations:
1. **Current Price Level**:
The price is at approximately **2,652.53**, moving upward within a curved trendline pattern, suggesting bullish momentum.
2. **Support Zone (Red Area)**:
- A demand/support zone lies below **2,640**, where the price previously reacted with strong buying momentum.
3. **Intermediate Resistance (Light Gray Zone)**:
- A resistance area is visible near **2,665**, where price may face initial selling pressure. It has been tested and rejected recently, but buyers are pushing back toward this zone.
4. **Upper Resistance Zone (Dark Gray Zone)**:
- The primary resistance zone lies around **2,680 to 2,700**, marking a potential target for the upward move. This area has acted as a strong reversal point in the past.
5. **Bullish Cup-and-Handle/Curved Trendline**:
- The blue curved line indicates a potential **cup-like bullish formation**, which often leads to a breakout if sustained momentum persists.
Potential Scenarios:
1. **Bullish Continuation**:
- If the price breaks above the **2,665** resistance zone, it could quickly move toward the next resistance zone at **2,680–2,700**.
- Buyers will likely target **2,700** as the final upside level for this move.
2. **Resistance Rejection**:
- A rejection at **2,665** could lead to a pullback toward the support at **2,640** or even the demand zone near **2,620**.
Strategy:
- **For Buyers**:
- Wait for a confirmed breakout above **2,660** and target the **2,680–2,700** zone.
- Alternatively, consider entering on pullbacks around **2,640**, with stops below **2,620**.
- **For Sellers**:
- Look for rejection signals at **2,665** or the upper resistance zone (**2,680–2,700**) to short toward **2,640** or **2,620**.
