XAUUSD Strong Bullish Momentum
1. Trend
Uptrend: The price is trending upwards within the ascending channel, with higher highs and higher lows, indicating a bullish market sentiment.
2. Support and Resistance
Support: The lower boundary of the channel acts as dynamic support, where price has bounced multiple times. If the price continues to move within this channel, it may find support around the 2,680-2,700 USD range.
Resistance: The upper boundary of the channel acts as resistance. If the price reaches this level, it could face resistance near 2,750-2,760 USD in the near term.
3. Price Action
Bearish Candle: The recent candle shows a significant drop (-1.11%), indicating bearish pressure. The price is testing the lower channel boundary, which could be a critical support zone.
Potential Reversal: There seems to be a projection for a bullish bounce off the lower boundary, suggesting a possible upward move back towards the mid-to-upper range of the channel, as shown by the zigzag projection on the chart.
4. Projections
Bullish Scenario: If the price holds at the lower boundary and rebounds, it could aim for a move back towards the upper channel line, targeting around 2,760-2,780 USD.
Bearish Scenario: If the price breaks below the lower boundary of the channel, it could signal a shift in the trend, potentially targeting support levels below 2,680 USD.
5. Key Levels
Immediate Support: 2,700 USD (channel support)
Immediate Resistance: 2,750 USD (upper channel resistance)
Potential Targets: A bounce could aim for 2,760-2,780 USD, while a breakdown may push the price down to 2,660 USD or lower.
In summary, the XAU/USD pair is in an overall uptrend but is currently facing a pullback near channel support. The next few sessions are critical to see if the price respects the channel or breaks downwards. If the support holds, a bullish continuation is possible.
Uptrend: The price is trending upwards within the ascending channel, with higher highs and higher lows, indicating a bullish market sentiment.
2. Support and Resistance
Support: The lower boundary of the channel acts as dynamic support, where price has bounced multiple times. If the price continues to move within this channel, it may find support around the 2,680-2,700 USD range.
Resistance: The upper boundary of the channel acts as resistance. If the price reaches this level, it could face resistance near 2,750-2,760 USD in the near term.
3. Price Action
Bearish Candle: The recent candle shows a significant drop (-1.11%), indicating bearish pressure. The price is testing the lower channel boundary, which could be a critical support zone.
Potential Reversal: There seems to be a projection for a bullish bounce off the lower boundary, suggesting a possible upward move back towards the mid-to-upper range of the channel, as shown by the zigzag projection on the chart.
4. Projections
Bullish Scenario: If the price holds at the lower boundary and rebounds, it could aim for a move back towards the upper channel line, targeting around 2,760-2,780 USD.
Bearish Scenario: If the price breaks below the lower boundary of the channel, it could signal a shift in the trend, potentially targeting support levels below 2,680 USD.
5. Key Levels
Immediate Support: 2,700 USD (channel support)
Immediate Resistance: 2,750 USD (upper channel resistance)
Potential Targets: A bounce could aim for 2,760-2,780 USD, while a breakdown may push the price down to 2,660 USD or lower.
In summary, the XAU/USD pair is in an overall uptrend but is currently facing a pullback near channel support. The next few sessions are critical to see if the price respects the channel or breaks downwards. If the support holds, a bullish continuation is possible.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.