XAUUSD is showing signs of potential upward movement. One of the main indicators is a test of the RSI support line, which often precedes a bullish reversal. Additionally, a rebound from the lower boundary of the bullish channel supports this outlook.
If the price breaks below 3295 on 08/05/2025, the bullish scenario would be invalidated, indicating a potential drop toward 3245. This would signal continued downward momentum and a likely shift in market sentiment.
However, if XAUUSD breaks above the 3445 resistance level and closes above it, it could confirm the beginning of a stronger upward trend. In that case, the price may move further toward the 3585 target and beyond.
A short-term dip to test the support area near 3320 is possible before any continued rally. This could serve as a consolidation phase before further gains.
⚠️ Pay close attention to how the market reacts around 3295 and 3445—these levels will be crucial in determining the next significant move.