XAUUSD Bullish Structure Intact: Eyes on the All-Time High

Good day, traders. Taking a look at the Gold (XAUUSD) daily chart, we see a very clean and persistent bullish structure that has been developing since the start of the year. The primary driver of this analysis is the well-defined ascending trendline that has served as foundational support for the entire uptrend.

The Bullish Thesis:

Price action has consistently printed higher lows, bouncing cleanly off the ascending trendline multiple times. Each test of this support has been met with strong buying pressure, propelling the price to new highs. This pattern establishes a clear path of least resistance to the upside.

Currently, the price is challenging the immediate resistance zone around the 3,365 level. A decisive daily close above this area would be the first signal that the next leg up is underway.
First Target: A break of current resistance opens the door to test the Next Resistance at approximately 3,450. This level aligns with the previous significant high from early June.
Ultimate Target: The main prize for the bulls is the All-Time High sitting just above at 3,500. This is a major psychological and technical level. A break and hold above this zone would signal a new phase of price discovery.

The Bearish Invalidation:
For this bullish outlook to be invalidated, we would need to see a convincing break and daily close below the primary ascending trendline. Such a move would indicate a significant shift in market structure. Should this occur, key support zones to watch on the downside are:
The horizontal support area around 3,150.
The major structural support zone around 3,000.

Conclusion:
The technical picture for Gold remains firmly bullish. The structure is clear, and the trend is your friend. As long as the price continues to respect the ascending trendline support, the bias is to look for buying opportunities on dips or breakouts. The immediate focus is on clearing the 3,365 resistance to unlock the path towards the 3,450 and 3,500 targets.


Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.