XAUUSD: Bullish Momentum Still Intact After a Healthy Pullback

[nihalsari]

Hello everyone, here is my breakdown of the current Gold setup.

Market Analysis

The broader trend for Gold remains strongly bullish, as we can clearly see from the consistent upward channel that has been forming since mid-September. Each corrective phase has been followed by a decisive breakout, confirming buyers’ control and sustaining the uptrend.

Recently, the market broke out from the upper boundary of the range near 4020, establishing a new structural high close to the 4250 resistance zone. However, after reaching this zone, the price entered a correction phase, pulling back to retest the major support zone around 4050–4020 — a level that also aligns with the lower boundary of the ascending channel.

My Scenario & Strategy

At the moment, the price is stabilizing around the support zone, showing early signs of a potential bullish rebound. This zone has acted as a strong demand area throughout the uptrend, and I expect buyers to defend it once again. If the price confirms a bounce from this level, the next logical move would be a continuation towards the 4215 resistance zone, which also aligns with the mid-level of the previous range.

I remain bullish on Gold while the price holds above the 4020 support zone. A successful retest here would provide a good opportunity for long positions targeting 4215 initially. If the price fails to hold above this level, we could see a deeper pullback — but as long as the channel structure remains intact, the broader bias stays positive.

That's the setup I'm tracking. Thank you for your attention, and always manage your risk.