Gold Bounces Back After Fake Breakout – Eyes on Key Resistance

6 天前

XAU/USD Daily Chart Analysis:

Trendline Rejection & Fake Breakout:
The chart shows a bullish structure with a rising trendline. Recently, price action temporarily broke below this trendline, but it quickly reversed, creating a **"fake breakout"** (highlighted in red). This trap likely shook out weak hands and signaled renewed buying pressure.

Current Price Action:
Price has reclaimed the trendline and is now trading back above it, also above the moving average, suggesting strength and a potential continuation to the upside.

Resistance Zone:
The major resistance level is clearly marked around 3445–3446, which previously capped price rallies. The chart suggests a bullish continuation move toward this level.

Bullish Momentum Indication:
The strong bullish candle after the fake breakout indicates strong demand, and the bounce above the trendline acts as confirmation of trend continuation.

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Summary:
Gold (XAU/USD) is showing a strong bullish recovery after a fake breakout below the trendline. If the price sustains above the trendline and moving average, there is a high probability it will target the resistance zone around 3445–3446 in the coming sessions.

4 天前

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Market reached 3360 close here pips gain 200