technical analysis for your chart on Gold (XAU/USDCurrent Price: $4,002
Trend Structure: The pair is showing a potential reversal setup after a completed downward channel.
Recent Pattern: Price has broken slightly above the descending channel and is now retesting the breakout zone around the support level ($3,950–$3,980).
🔹 Key Technical Levels
Support Zone: $3,940 – $3,980
→ Strong accumulation area shown by multiple rejections and previous demand.
Immediate Resistance: $4,080 – $4,120
→ Minor resistance expected as the first hurdle after breakout.
Major Resistance (Target): $4,385
→ Marked as the final bullish target on the chart.
📈 Bullish Scenario
If price sustains above $4,000, we can expect:
A short-term retest of $4,080–$4,120.
Once momentum confirms above $4,120, bullish continuation toward $4,200 → $4,385 (main target).
✅ Buy Confirmation:
Break and close above $4,050 with volume.
Retest of $4,000 zone followed by bullish rejection candle.
🎯 Bullish Targets:
TP1: $4,080
TP2: $4,200
TP3: $4,385
📉 Bearish Scenario
If price rejects $4,000 and closes below the support zone ($3,950):
Downside may resume toward $3,880 – $3,820 range.
That would invalidate the bullish breakout and confirm channel continuation.
🚫 Sell Trigger:
3H close below $3,940.
🎯 Bearish Targets:
TP1: $3,880
TP2: $3,820
📊 Conclusion
Structure is shifting from bearish to bullish after a channel breakout.
The $3,950–$4,000 area is key — a stronghold for bulls.
Expect a bullish rally if support holds, targeting $4,385 in the medium term. NSE:NIFTY1! NSEIX:NIFTY1! MCX:GOLD1! MCX:CRUDEOIL1! MCX:NATURALGAS1! MCX:SILVER1! NSE:BANKNIFTY1! CME_MINI:NQ1! MCX:GOLDM1! COMEX:GC1! MCX:SILVERM1! MCX:GOLDPETAL1!
