Gold (XAU/USD) Bullish Continuation Setup – Key Support Levels 📊 Chart Context & Setup
Chart Type: Candlestick
Indicators Used:
50 EMA (red): Currently at 3,199.009
200 EMA (blue): Currently at 3,123.168
Support Zone: Around 3,157.786 – 3,123.168
Current Price: Approximately 3,211.90
Focus Point (Target Zone): 3,283.810
🧠 Technical Analysis
🔹 Trend Analysis
Overall Trend: Bullish
Price is trading above both the 50 EMA and 200 EMA.
The EMAs are sloping upward, indicating strong momentum.
Golden Cross previously occurred (50 EMA crossing above 200 EMA).
🔹 Key Support & Resistance
Immediate Resistance Zone: Around 3,240
This area is acting as a potential rejection zone, with minor consolidation.
Support Zone (Highlighted): 3,157 – 3,123
This zone was previously a breakout level and now serves as a retest support.
It coincides with the 200 EMA, adding to its strength.
🔁 Scenarios Presented
Scenario A – Bullish Rejection from Immediate Support (3,199)
Price could hold above or near the 50 EMA.
Break and retest of minor resistance could lead to a push toward 3,283.81 (target).
This is a higher-risk entry as the support is not deeply tested yet.
Scenario B – Deeper Pullback to Major Support (3,157 – 3,123)
A drop below current price into the main demand zone.
Bullish engulfing or strong reaction in this zone would offer a high-probability long setup.
Ideal entry point for swing traders, especially if confirmed by volume or bullish candlestick reversal.
🎯 Trade Strategy Suggestion
✅ Long Setup
Entry Option 1: On bullish rejection above 3,199 with confirmation.
Entry Option 2 (Preferred): At strong support zone 3,157 – 3,123 with bullish reversal signal.
Target: 3,283.81
Stop Loss:
For Entry 1: Below 3,157
For Entry 2: Below 3,100 or 200 EMA, depending on aggressiveness
📌 Conclusion
This chart illustrates a classic bullish continuation setup with two potential entry scenarios:
A minor pullback and bounce from the 50 EMA.
A deeper retracement into a strong support zone aligned with the 200 EMA.
The uptrend remains intact as long as the price holds above the 200 EMA and the major demand zone. A break below 3,100 would invalidate the bullish outlook short-term
