XAUUSD has been consolidating within a well-defined range over recent weeks, trading between the blue support area and the red resistance zone while forming a red symmetrical triangle.

From a medium-term perspective, the current structure continues to favor range trading until a confirmed breakout occurs. Price is currently moving between two well-respected technical boundaries, making both support and resistance important areas to monitor.

⭕As price approaches the red resistance area, we can start looking for sell setups on lower timeframes, while the blue support zone may provide opportunities to look for buy setups as price moves closer to it.

⭕From a longer-term perspective, the next major move is likely to be determined by a breakout from the current range. A break above the upper boundary would provide the first major indication that the broader momentum is shifting from bearish to bullish, while a break below the blue support area and the 3900 level would strengthen the broader bearish continuation scenario.

The next breakout may reveal whether buyers are ready to regain control, or if sellers can resume the broader bearish trend.

⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.

Rayan Nasser

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