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Headline: $XAUUSD Testing Major Demand Zone – Breakout or Reversal? 🚀📉
Gold (XAUUSD) is currently at a critical junction. After a period of high volatility fueled by US-Iran geopolitical tensions and FOMC anticipation, price is now hovering around the $4,680 support level.
Key Technical Observations:
• Support/Demand Floor: Price is testing the $4,670 - $4,680 zone. Historically, this has been a "Discount Zone" where buyers step in.
• Trendline Resistance: A strong descending trendline from $4,880 is still capping the upside. We need a "Change of Character" (ChoCh) to confirm a bullish reversal.
• Momentum: RSI is neutral near 48, suggesting the market is waiting for a catalyst (like the upcoming Fed meeting).
Trading Strategy:
1. Bullish: Look for a strong 15M candle close above $4,710 for a scalp target towards $4,750.
2. Bearish: A daily close below $4,660 could trigger a sharp liquidation toward $4,580.
Conclusion:
Patience is key. Wait for the breakout. Don't trade in the middle of the range. Protect your capital!
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