XAU/USD) breakout analysis Read The caption

21 Jul

SMC Trading point update



Technical analysis of (XAU/USD) on the 4-hour timeframe, highlighting a move toward the $3,450 target. Here's the full technical breakdown


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Technical Analysis – Gold (4H)

1. Breakout from Resistance Zone

Price has broken above a key horizontal resistance level (now turned support, marked in yellow).

The breakout is confirmed by a strong bullish candle with momentum, suggesting buyers are in control.


2. Ascending Triangle Formation

Price formed an ascending triangle, a classic bullish continuation pattern.

The breakout above the upper boundary confirms the pattern, projecting a potential measured move.


3. Trendline Support & Higher Lows

The structure shows a rising trendline (black), where price bounced multiple times — confirming a higher low sequence.

The confluence of trendline support + breakout level adds strength to the bullish case.


4. 200 EMA Confluence

The 200-period EMA (3,332.13) has been acting as a dynamic support throughout.

Price retested it earlier in the move, then surged upward — validating trend continuation.


5. RSI Indicator

RSI is at 71.13, entering overbought territory.

This implies strong bullish momentum, but a short-term pullback to retest the breakout level is possible.


6. Target Projection

Target Point: $3,450.90, calculated from the height of the triangle (~61 pts or 1.80%) added above the breakout zone.

A retest of the breakout area (yellow zone) around $3,370–$3,380 could offer a better entry before continuation.



Mr SMC Trading point
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Summary

Bias: Bullish

Current Price: $3,397.62

Support: $3,370–$3,380 zone (previous resistance turned support)

Trend: Higher lows + breakout above resistance

EMA Support: 200 EMA at $3,332.13

Target: $3,450.90

RSI: 71.13 – bullish but near overbought




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23 Jul

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