"Gold (XAU/USD) Rebounds from 200 EMA – Targeting Key ResistanceKey Observations:
Support & Bounce:
The price bounced from a key support level around 2,846.493 (200 EMA), marked with a red circle.
This suggests strong buying interest around this level.
Entry & Target Zones:
The trader appears to be aiming for a long (buy) position, as indicated by the red arrow pointing upward.
The first take profit (TP) level is around 2,929.243.
The second TP level is around 2,944.083 - 2,951.503, marked by the blue rectangle (resistance zone).
Resistance Zone:
The upper blue shaded area represents a strong resistance level where price previously rejected.
If price reaches this zone, it may face selling pressure.
Bearish Flag Pattern Mentioned:
The chart includes a note about a bearish flag, which is generally a continuation pattern signaling potential downside.
However, in this case, the trader is looking at a retracement upward before potential selling pressure resumes.
Conclusion & Possible Scenarios:
✅ Bullish Scenario: If price sustains above the 200 EMA and breaks the first TP level, it could reach the second TP in the resistance zone.
❌ Bearish Rejection: If price fails to break the resistance zone, it may reverse downward, validating the bearish flag pattern.
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