XAUUSD: Bullish pattern forming: signs of trend continuation

• Bearish scenario: Sell ​​positions below 2470 with TP1: 2463, TP2: 2460, TP3: 2456 intraday, with a stop loss above 2473 or at least 1% of account equity.
• Bullish scenario: Buy positions after a pullback above 2460 with TP1: 2470, TP2: 2480 and TP3: 2490 in extension. Stop loss below 2450 or at least 1% of account equity. Apply trailing stop.

Technical Analysis

XAUUSD, Daily

During this period, price consolidation is seen below the July resistance and the current all-time high, forming a bullish cup and handle structure. This suggests a continuation of buying pressure in the short term with profit targets at 2500, 2600 and 2609 at 100%.

XAUUSD, H1

Supply zones (sales): 2473

Demand zones (buy): 2455.18, 2428.49 and 2423.80

The price is showing signs of recovery after breaking the local resistances at 2460 and 2470, suggesting a continuation of the macro uptrend with an intraday target of 2500 and the potential for new all-time highs in the near term.

In this context, the breakout from the resistance of a previous session activates a corrective scenario with targets at 2462, 2460, 2458 and 2456 in extension.

All of these levels represent demand zones that could trigger buying toward 2473, 2480, 2483, and the average daily bull zone at 2492.81.

*Uncovered POC: POC = Point of Control: This is the level or zone where the highest concentration of volume has occurred. If this level is followed by a downward move, it is considered a selling zone and forms a resistance area. On the other hand, if it is followed by an upward move, it is considered a buying zone, which are usually found at lows and form support zones.