Gold Approaches New Highs: Is the Breakout Just Beginning?
A multi-timeframe technical analysis of Gold (XAU/USD) reveals aligned bullish momentum, clear targets, and a decisive validation level to watch.
Weekly Chart (1W)
Gold is consolidating just below the ATH in a well-established uptrend. The weekly pivot at $3,198.67 is the key level to watch—holding above it preserves the bullish structure.
Trend: Strong long-term uptrend
Structure: Price remains near all-time highs, showing no major weakness.
Key Resistance:
All-Time High (ATH): $3,500.11
Key Support Levels:
Weekly Pivot: $3,198.67
Fibonacci Retracements:
23.6%: $3,083.39
38.2%: $2,937.44
50.0%: $2,743.84
Daily Chart (1D)
The daily chart confirms a shift in momentum. A higher low structure has formed, and the bullish scenario remains valid as long as price stays above the weekly pivot.
Trend: Bullish breakout in progress
Structure:
The descending countertrend line has been broken or is in the process of breaking.
Last breakout area (around $3,250 – $3,240) has been successfully retested, validating the move.
Key Targets (Fibonacci Extensions):
100%: $3,400
123.6%: $3,423.30
138.2%: $3,462.20
Support Levels:
Local Support Zone: $3,250.07 – $3,239.84
Weekly Pivot: $3,198.67
4H Chart (4H)
Momentum and structure align across timeframes. Above $3,328.65, intraday setups favor long positions toward the projected Fibonacci targets. The market has a nice room for short-term correction that may give better RR trades.
Trend: Short-term breakout confirmed
Structure:
The last H4 countertrend line has broken, aligning with the daily structure.
Confluence with major breakout zones from higher timeframes strengthens the signal.
Short-Term Bullish Targets:
$3,400
$3,423.30
$3,462.20
Support and Invalidation:
Critical Support (invalidates setup): H4 Support: $3,276.37
Summary
Bias: Bullish across all timeframes
Key Validation Level: $3,198.67 (Weekly Trend Validation Level)
Bullish Targets:
Short-term: $3,400
Medium-term: $3,423 – $3,462
Long-term: Breakout toward new highs above $3,500
Invalidation: A break below $3,198.67 would neutralize the current bullish outlook
It may be worth to check out my notes...
https://substack.com/@themarketflow/note/c-123012073?utm_source=notes-share-action&r=1z5g05