XAUUSD Analysis
1. Key Levels & Structure
• Resistance Turned Support: The price has broken above a strong resistance level (marked by the thick red line).
• Possible Retest Zone: A pullback (retest) to the breakout zone is indicated, which could confirm support before moving higher.
• Major Support Area Below: The lower red box marks a previous demand zone, meaning price might fall back to this area if the retest fails.
2. Market Trend
• Uptrend Confirmation: Price has been making higher highs and higher lows, confirming an uptrend.
• Breakout & Retest Pattern: The chart suggests a possible retest of the breakout area before continuing upwards.
3. Entry & Exit Strategy
• Entry Point: The ideal buy zone is near the small pink box (retest area).
• Stop Loss: Below the lower red support zone, in case the retest fails and price drops.
• Take Profit: The green box above shows the expected bullish target if the retest holds.
4. Confirmation Signals
• Watch for Bullish Candlestick Reversal (such as a bullish engulfing or pin bar) near the retest zone before entering a trade.
• Volume Increase on Breakout would confirm strength in the uptrend.
Overall Outlook
• Bullish Bias: If the price successfully retests and bounces, it may continue rising.
• Bearish Risk: If the support fails, the price could drop back to the lower support zone.