XAU/USD - Gold about to give 20 dollars move?Key Observations:
1. Trendline Breakout:
- The price has broken above a descending trendline, signaling a potential bullish reversal.
2. Demand Zone:
- A strong supply/resistance zone is evident around $2,639–$2,644, which has acted as a base for the breakout.
3. Bullish Trade Setup:
- A long position can be taken, if the price breaks out of resistance zone and retests, targeting the following levels:
- Target 1: $2,649.53
- Target 2: $2,657.36
- Target 3: $2,664.13
- Target 4: $2,668.70
- Stop-Loss: Below $2,639.65.
4. Alternate Bearish Scenario:
- If the price re-enters below the demand zone and fails to sustain the breakout, bearish momentum could push the price toward lower levels near $2,627.50.
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Trading Scenarios:
1. Bullish Continuation:
- If the price holds above $2,646, there is a strong likelihood of testing higher resistance levels up to **$2,668.70**.
2. Bearish Rejection:
- A move below $2,636.5 could invalidate the bullish scenario, indicating a potential retest of lower supports.
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Always use proper risk management when executing trades.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult a financial advisor before making investment decisions. Trade responsibly.
