From TradingView · · 1m
Gold trading setup waits for bullish breakout confirmation
A technical analysis of XAUUSD on the 15-minute chart identifies key levels for a potential bullish move above $4,296.
In brief
A technical analysis of XAUUSD on the 15-minute chart identifies key levels for a potential bullish move above $4,296. Wait for gold to break and close above $4,296.85 before entering long positions, with invalidation below $4,291.47. Originally reported by TradingView.
Gold holds ascending trendline
XAUUSD is trading along an upward trendline after bouncing from $4,270 support. Price has pulled back to test the trendline and immediate support.
Breakout level at $4,296.85
The setup requires price to break and close above $4,296.85 to confirm a bullish Break of Structure. This level marks the local resistance high.
Invalidation below $4,291.47
If price drops below $4,291.47, the bullish scenario is invalidated. This level sits below the local swing low and trendline support.
Target zone near $4,348.91
After a valid breakout, the upside target is $4,348.91. This represents a key overhead supply area and liquidity target.
Patience required for confirmation
The technical plan emphasizes waiting for structural confirmation before entry. A valid BOS must occur before targeting higher resistance levels.
“The technical plan emphasizes patience: waiting for price to break and close above the local resistance high at $4,296.85”
The takeaway
Wait for gold to break and close above $4,296.85 before entering long positions, with invalidation below $4,291.47.
