Hey everyone, Ken here!
I'm keeping a close eye on XAUUSD, and right now, gold is approaching a very important support zone that I’ve shared before. This level is not only reinforced by strong buying pressure but also aligns with the trendline, making the potential for a bounce here very high.
If price confirms support here through strong price action, such as long lower wicks or a bullish engulfing candle, I believe gold will reverse and target 3,724, a reasonable goal given the current market structure.
However, if price breaks and holds below this support zone, the bullish trend will be invalidated, and we could see a sharp decline.
This is my personal opinion, not financial advice. Always assess your setups and ensure proper risk management when trading!
Good luck with your trades!
I'm keeping a close eye on XAUUSD, and right now, gold is approaching a very important support zone that I’ve shared before. This level is not only reinforced by strong buying pressure but also aligns with the trendline, making the potential for a bounce here very high.
If price confirms support here through strong price action, such as long lower wicks or a bullish engulfing candle, I believe gold will reverse and target 3,724, a reasonable goal given the current market structure.
However, if price breaks and holds below this support zone, the bullish trend will be invalidated, and we could see a sharp decline.
This is my personal opinion, not financial advice. Always assess your setups and ensure proper risk management when trading!
Good luck with your trades!
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