XAUUSD – Make-or-Break Zone Ahead for Gold Bulls
Gold is hovering at a crucial weekly trendline support zone while consolidating in a descending triangle pattern. Price action suggests a decisive move is coming soon — either a bullish breakout above the short-term resistance or a sharp breakdown below $2,960, targeting the $2,828 zone.
Technical Breakdown:
Price is respecting a rising channel on the higher timeframe.
A lower high structure is forming below resistance at $3,085, indicating compression.
Key support rests at the confluence of the weekly trendline and horizontal zone around $2,960.
A breakdown from this triangle could trigger a bearish move toward $2,828, while a breakout above $3,085 opens the door for a retest of $3,200.
Fundamental Drivers:
Gold remains supported by geopolitical tensions and central bank demand.
However, hawkish Fed comments and stronger U.S. dollar sentiment are pressuring short-term upside.
The upcoming U.S. CPI and FOMC minutes could add volatility and define the next leg.
Watch for a 4H or Daily close outside the triangle for confirmation. Until then, this remains a high-probability reaction zone for short-term traders.
🧠 Trade with structure. React, don’t predict.
#XAUUSD #Gold #TechnicalAnalysis #PriceAction #Fundamentals #TradingView #Forex #Commodities #MarketOutlook