XAUUSD is showing early signs of upward momentum. The first supportive signal comes from a test of the RSI support line, indicating potential strength. Additionally, a bounce from the lower edge of the bullish price channel suggests buyers may be regaining control.
Key support stands at 3295. A break below this level would invalidate the current bullish outlook and could lead to further downside toward the 3245 zone. Until then, the bias remains upward.
A confirmed breakout above the 3405 resistance level, followed by a daily close above it, would strengthen the bullish case and open the door for a move toward the next target around 3465.
In the short term, a brief pullback to test support near 3335 is possible before any continued upside. This would likely offer a better entry point for long positions, provided the price holds above 3295.
The bullish scenario is negated only if the market breaks and closes below 3295, signaling a potential trend reversal and an extended move down to 3245 or lower.
Key levels to watch:
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Support zones: 3335 and 3295
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Resistance targets: 3405 and 3465
As long as XAUUSD holds above 3295, the risk-to-reward ratio favors a long position. Traders should monitor price action near key zones and look for confirmation of strength before entering new trades.