Gold (XAU/USD) Bullish Reversal Setup from Key Support Zone

Technical analysis for Gold (XAU/USD) on the 15-minute timeframe. Here's a breakdown of the analysis:


---

🔍 Technical Breakdown

1. Double Top Rejection Zone (Red Arrows):

Price has tested a horizontal resistance area twice, failing to break higher, indicating short-term bearish pressure.

This area could serve as a significant breakout zone if price returns and breaks above it.


2. Support Level Identified:

A horizontal support zone is marked just above the 200 EMA (~3,398), suggesting this is a potential demand zone or entry point.


3. EMAs:

EMA 50 (~3,427): Currently above price, could act as dynamic resistance short-term.

EMA 200 (~3,398): Acts as major support and aligns with the support level.


4. RSI Indicator (14):

RSI is hovering around 53-55: Neutral zone, not yet overbought or oversold.

Leaves room for price movement in either direction, but supports a possible bounce from support.



---

📈 Forecasted Move

Expected Dip: A drop toward the support/EMA 200 zone (~3,398) is expected.

Bullish Reversal: From there, the price is expected to bounce back strongly.

Breakout Target: A breakout above the resistance zone could push price toward the target point at 3,464.540 USD.



---

🧠 Trading Idea Summary

Bullish Bias: Wait for price to retest the support zone (around EMA 200).

Entry Zone: Near 3,398 if bullish confirmation forms (e.g., bullish engulfing or hammer candlestick).

Stop-Loss: Below support zone (~3,390 or lower).

Take-Profit: Around the resistance breakout target (~3,464).



---

feedback My idea like and comment's 🙏