XAU/USD Technical Analysis: Double Bottom Signals Potential Bull
Gold ($XAU /USD) is showing strong signs of a bullish reversal after forming a Double Bottom pattern within a major demand zone. Price has also broken above the descending trendline, indicating that bearish momentum is weakening.
The key demand zone around 4040–4060 is acting as solid support. As long as price remains above this level, buyers are likely to stay in control.
Bullish Scenario:
Holding above the major demand zone strengthens the bullish outlook.
First target: 4220–4280 (Support Turned Resistance Zone).
Second target: 4360–4380 (Major Supply Zone).
A successful breakout above these resistance levels could lead to further upside momentum.
Key Levels:
Support: 4040–4060
Resistance 1: 4220–4280
Resistance 2: 4360–4380
📈 Bias: Bullish while price remains above the demand zone.
Gold ($XAU /USD) is showing strong signs of a bullish reversal after forming a Double Bottom pattern within a major demand zone. Price has also broken above the descending trendline, indicating that bearish momentum is weakening.
The key demand zone around 4040–4060 is acting as solid support. As long as price remains above this level, buyers are likely to stay in control.
Bullish Scenario:
Holding above the major demand zone strengthens the bullish outlook.
First target: 4220–4280 (Support Turned Resistance Zone).
Second target: 4360–4380 (Major Supply Zone).
A successful breakout above these resistance levels could lead to further upside momentum.
Key Levels:
Support: 4040–4060
Resistance 1: 4220–4280
Resistance 2: 4360–4380
📈 Bias: Bullish while price remains above the demand zone.