Gold (XAUUSD) appears to be forming a potential bullish reversal after a sustained downtrend within a descending channel. Price recently tested a strong horizontal support zone near $3,320, where buying pressure has started to build. The chart suggests:
Price is attempting to break out of the descending channel.
Ichimoku cloud shows early signs of a potential shift in momentum.
A successful breakout above the cloud and $3,347 resistance could trigger a rally towards the $3,400–$3,420 supply zone.
Bulls need confirmation through a clear candle close above the channel and the cloud.
Strong Support Zone:
Price bounced from key support near $3,320, previously tested multiple times.
2. Descending Channel:
Price has been moving in a bearish channel since July 23.
Now testing the upper boundary of this channel.
3. Potential Reversal Pattern:
Formation of a rounded bottom hints at bullish reversal.
4. Ichimoku Cloud:
Price is approaching the Ichimoku cloud, acting as resistance.
A breakout above the cloud can confirm a trend change.
5. Short-Term Resistance:
Immediate resistance at $3,347–$3,350 (also Ichimoku level).
Strong resistance zone lies at $3,400.
6. Bullish Breakout Scenario:
If price breaks and holds above the channel and Ichimoku, $3,360–$3,400 becomes the bullish target.
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