XAUUSD Long: Rebounds From Demand, Eyes 4,090$ Supply Zone

Aug 4

Hello traders! Here’s my technical outlook based on the current XAUUSD (1H) chart structure. XAUUSD recently rebounded from the 4,030 Demand Zone and continues to respect the rising demand line, showing that buyers remain active. However, price is still trading below the 4,090 Supply Zone and the descending supply line.

Currently, XAUUSD is holding above the 4,030 Demand Zone while approaching the 4,090 Supply Zone. The latest bounce suggests buyers may attempt another move higher.

As long as XAUUSD remains above the 4,030 Demand Zone and the ascending demand line, the bullish scenario stays valid. A continuation higher could push price toward the 4,090 Supply Zone (TP1). A break below 4,030 would weaken the bullish outlook. Manage your risk!

Aug 5

Trade closed: target reached

As we can see, the price made a real boom. And with an impulsive movement, it broke through the wedge structure upwards, simultaneously getting our target!