Gold (XAU/USD) Technical Analysis: Key Resistance Test Before Br

This chart represents a Gold (XAU/USD) 30-minute timeframe analysis from TradingView. Here are the key takeaways:

Technical Indicators & Levels
Exponential Moving Averages (EMAs)

200 EMA (Blue Line): 3,110.97 – A long-term trend indicator.

30 EMA (Red Line): 3,134.65 – A short-term trend indicator.

Key Levels

Resistance Point: Around 3,136.56.

Support Zone (Stop Loss Level): 3,103.16.

Target Point: 3,167.44, indicating a potential 1.62% upside.

Potential Trade Setup
Scenario 1 (Bullish Case):

If price breaks above resistance (3,136.56) and holds, the next target is 3,167.44.

A bullish breakout could indicate further momentum.

Scenario 2 (Bearish Case):

If price fails to break resistance and drops, it could test the support zone around 3,103.16.

A break below this level might lead to further downside.

Pattern Analysis:

The chart suggests a potential retest of resistance before a breakout.

A possible accumulation phase before a strong move.

Conclusion
Bullish above 3,136.56, targeting 3,167.44.

Bearish below 3,103.16, watching for downside risk.

The 200 EMA (3,110.97) could act as dynamic support.