XAU/USD) Bullish reversal analysis Read The caption

SMC trading point update




Technical analysis of Gold (XAU/USD) on the 30-minute timeframe, based on technical signals and price action behavior. Here's the breakdown


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Gold Bullish Reversal Setup – Targeting 3,384


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Key Technical Highlights:

1. Support Zone & Price Reaction:

Price has tested a strong horizontal support level (highlighted in yellow).

Multiple bullish rejection wicks indicate buying pressure at this zone.

The green arrows show successful support bounces, hinting at bullish intent.



2. Trendline Analysis:

Price bounced near the lower boundary of the falling wedge/downtrend channel.

An uptrend line convergence supports potential reversal.

A breakout above the short-term descending trendline is indicated.



3. EMA & Target Projection:

EMA 200 at 3,364.33 may act as dynamic resistance, the next short-term hurdle.

Target zone projected at 3,384.04, offering a potential move of +65.67 pts (~1.98%).



4. RSI Indicator:

RSI(14) is oversold (~29.93), signaling a potential reversal.

A bullish crossover may be forming, supporting upward momentum.





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Trading Plan:

Entry Zone: Near current support area around 3,325

Target: 3,384

Stop Loss (Suggested): Below 3,300, under support structure

Risk/Reward: Favorable based on support hold and breakout projection



Mr SMC Trading point

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Conclusion:

This setup suggests a short-term bullish reversal from a key support area, with confirmation likely if price breaks above the descending trendline and clears the 200 EMA.





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