Gold Price Analysis :Bullish Breakout Anticipated After fakeout.This 30-minute chart for Gold Spot against the U.S. Dollar (XAU/USD) shows a strong consolidation followed by a sharp upward movement. After testing multiple support levels, price bounced strongly from the 3,325 zone and is currently trading at around 3,360.775.
The green zones represent key demand and support areas, where buyers have historically stepped in. Resistance is seen near the 3,400 level. The blue arrow indicates a bullish projection toward the 3,400 resistance zone.
Fakeout & Trap Explanation: A notable fakeout is visible just before the price bounced—this occurred when the price briefly broke below a support level (around 3,345), which may have triggered stop-losses and short entries. However, this move quickly reversed, trapping bears and forcing them to cover their positions, creating a bear trap.
This type of liquidity grab is often engineered by larger market participants to accumulate long positions at better prices. The swift recovery and momentum suggest a bullish continuation toward the next resistance zone near 3,400, as indicated by the arrow.
Conclusion: If the price holds above the mid-level support (~3,345–3,350), we may see further bullish momentum. Watch for a breakout and close above the recent highs for confirmation of trend continuation.
