🏦📈 Gold ($XAU) Breaks Out of a Major Downtrend
Gold has finally broken above the descending trendline that has capped every rally since the $5,600 high. The long-term support around $3,950 held firmly, allowing buyers to regain control and push price through the key $4,800 resistance zone.
The next area to watch is the $4,800–$5,100 supply zone, where profit-taking and seller pressure could emerge. A clean break above this region could open the door for a move toward the previous highs near $5,600. However, if sellers defend the zone, a short-term pullback toward the breakout area may occur.
For now, the structure remains bullish as long as price holds above the breakout level. Momentum favors the bulls, but the upcoming resistance zone will likely determine the next major move.
🔥 Bullish above $4,800
🎯 Potential Target: $5,200–$5,600
⚠️ Key Resistance Zone: $4,800–$5,100
Trade here 👇
Gold has finally broken above the descending trendline that has capped every rally since the $5,600 high. The long-term support around $3,950 held firmly, allowing buyers to regain control and push price through the key $4,800 resistance zone.
The next area to watch is the $4,800–$5,100 supply zone, where profit-taking and seller pressure could emerge. A clean break above this region could open the door for a move toward the previous highs near $5,600. However, if sellers defend the zone, a short-term pullback toward the breakout area may occur.
For now, the structure remains bullish as long as price holds above the breakout level. Momentum favors the bulls, but the upcoming resistance zone will likely determine the next major move.
🔥 Bullish above $4,800
🎯 Potential Target: $5,200–$5,600
⚠️ Key Resistance Zone: $4,800–$5,100
Trade here 👇