XAU/USD Bullish Reversal Setup

XAU/USD Bullish Technical Outlook
Analysis:

Current Price: The gold spot price (XAU/USD) is at $3,311.

Key Levels:

Support Zones:

Order Block Support Level: Around $3,290 – $3,300 (highlighted by the grey box).

Key Support Level: Slightly lower near $3,275 – $3,280.

Resistance & Target:

The chart shows a bullish projection aiming for the $3,366 – $3,370 area, with an upside potential of ~3.3% from the bounce zone.

Indicators:

The 50 EMA ($3,328) and 200 EMA ($3,332) are above the current price, acting as dynamic resistances.

Price is testing the confluence of trendline support and horizontal support.

Structure:

The chart illustrates a clear bullish reversal pattern near the support area with an expected rally if buyers defend the zone.

The arrows project a bounce off the support with a break above the EMA cluster and continuation to the upper trendline and target zone.

Potential Trade Idea:

If price holds above $3,290, a long position could target $3,366, with stops below $3,270 (key support).

📌 Conclusion:
The analysis suggests that XAU/USD is positioned for a bullish reversal if the support block holds, with upside momentum targeting the $3,366 level. Watch the price action near the EMAs for confirmation of trend continuation.