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As shown on the chart, XAUUSD has confidently broken above the long-term descending trendline, which had been acting as resistance for several weeks. Following this breakout, price continued to move higher, confirming a shift in market structure.
More importantly, this breakout was supported by a strong bullish impulse in the form of a *bullish engulfing* move, which also cleared the previous local high. This price action strengthens the case for a true trend reversal rather than just a temporary bounce.
After the impulsive move upward, XAUUSD is now pulling back toward a key demand zone around 4,750–4,780, aligning with prior structural support and the post-breakout retest area. This zone offers an attractive risk-to-reward opportunity for long positions.
As long as price holds above this support zone, the next upside target lies around 5,015, corresponding to the next major resistance level and the projected move following the breakout.
As shown on the chart, XAUUSD has confidently broken above the long-term descending trendline, which had been acting as resistance for several weeks. Following this breakout, price continued to move higher, confirming a shift in market structure.
More importantly, this breakout was supported by a strong bullish impulse in the form of a *bullish engulfing* move, which also cleared the previous local high. This price action strengthens the case for a true trend reversal rather than just a temporary bounce.
After the impulsive move upward, XAUUSD is now pulling back toward a key demand zone around 4,750–4,780, aligning with prior structural support and the post-breakout retest area. This zone offers an attractive risk-to-reward opportunity for long positions.
As long as price holds above this support zone, the next upside target lies around 5,015, corresponding to the next major resistance level and the projected move following the breakout.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.