XAUUSD may be forming a significant bottom within the 2025 uptrend.
Gold is testing its 2025 trend line today at $3,290 following last week’s rejection at $3,430 resistance.
Given the multi-year uptrend and Tuesday’s retest, you almost have to favor buyers here. I certainly do, hence my long position I put on earlier today, which I shared with VIP members.
However, I’ll be quick to close the position if $3,290 fails. That’s a must-hold area for XAUUSD bulls this week.
If buyers hold the line, the gold price action since April could signal an ascending triangle, which is a bullish continuation pattern.
Of course, that’s still a big “if”, considering we don’t know if bulls can hold this 2025 trend line, much less break above $3,430.
That said, the trend favors the bullish continuation pattern. If XAUUSD bulls hold support this week and force a breakout above $3,430, the next stop could be $3,830, which is the projected target.
On the other hand, a sustained break below $3,290 would invalidate the idea. It could also signal a potentially significant turning point for gold back to levels like $3,130.
Congratulations @justinbennett! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 600 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPYou received an upvote ecency