XAU/USD (Gold) 15M Technical Analysis

Bias: 🟢 Bullish (Buy on Support)

The chart shows gold trading inside an ascending channel, indicating that the overall intraday trend remains bullish despite the recent pullback. Price has retraced into a marked Support area near the lower boundary of the channel, where buyers may step in again.

Key Technical Observations
Ascending Channel: The broader trend is still making higher highs and higher lows.
CO Box (Consolidation): Price has been ranging inside the marked box, suggesting accumulation before the next directional move.
Support Holding: The highlighted support around 4045.60 is a critical demand zone. Holding above it keeps the bullish outlook intact.
Risk Zone: A break below the support and 4031.50 would invalidate the bullish setup and increase the probability of further downside.
Trade Setup
Entry: Around 4045.60 (on bullish confirmation)
Stop Loss: 4031.50
Target 1: 4070.00
Target 2: 4090.00
Final Target: 4109.75
Bullish Confirmation

A strong bullish candle or higher low forming above 4045 would confirm buyer strength and increase the probability of a move toward the projected upside target.

Invalidation

If price closes below 4031.50, the bullish structure weakens, and sellers could push gold toward lower support levels.

Educational Note: This analysis is based on price action, trend structure, support/resistance, and channel behavior. Always wait for confirmation and use proper risk management before entering any trade.