Gold Breakout Confirmed — Is $4,400 the Next Level to Fall?
$XAU has continued to follow the expected scenario very well.
Price successfully broke above the key $4,330 trading level and, more importantly, pushed through the upper trendlines of the Descending Broadening Wedge.
The first target has now been reached, confirming further strength in the current bullish structure.
The focus now shifts to the crucial $4,400 trading level.
Considering the breakout already confirmed and the current bullish momentum, the probability of reaching the second target has increased.
However, $4,400 remains an important resistance area. A clean break and hold above this level could strengthen the bullish structure further and open the way for another leg higher.
For now, $4,400 is the key decision point.
Will gold break above $4,400, or will sellers defend this level first?
#GOLD
$XAU has continued to follow the expected scenario very well.
Price successfully broke above the key $4,330 trading level and, more importantly, pushed through the upper trendlines of the Descending Broadening Wedge.
The first target has now been reached, confirming further strength in the current bullish structure.
The focus now shifts to the crucial $4,400 trading level.
Considering the breakout already confirmed and the current bullish momentum, the probability of reaching the second target has increased.
However, $4,400 remains an important resistance area. A clean break and hold above this level could strengthen the bullish structure further and open the way for another leg higher.
For now, $4,400 is the key decision point.
Will gold break above $4,400, or will sellers defend this level first?
#GOLD
