(XAU/USD) 15-Min Bullish Reversal Setup from Key Support ZoNE

Support Level:
Price recently tested a clear support zone (marked in blue) around the 3,295 level.
This area has previously acted as a demand zone, where buying interest appears strong.
Downtrend and Reversal:
A strong downtrend is visible before price hits the support level.
There’s a descending trendline which has just been broken to the upside, indicating a potential trend reversal or correction.
Moving Averages:
The red line (50 EMA) and blue line (200 EMA) show a bearish crossover earlier, confirming the earlier downtrend.
Price is now testing the 50 EMA, and a move above it could signal bullish momentum.
Bullish Projection:
The chart projects a potential reversal with a bounce from the support zone.
Target is set around 3,349 — labeled “CONFIRM TARGET POINT” — which aligns with previous resistance and a Fibonacci retracement zone.
Risk/Reward:
Stop-loss is placed just below the support zone (~3,289.75).
Entry appears to be around 3,302–3,303, targeting a significant move higher (around 3,349), offering a good risk/reward ratio.
Conclusion:
The chart suggests a potential long (buy) trade setup if the price holds above the support and breaks convincingly above the 50 EMA. Confirmation of the bullish move would be strengthened by a clear candle close above 3,303 and continued buying momentum. However, traders should monitor macroeconomic news (e.g., USD data, Fed updates) that could affect XAU/USD volatility.