#XAU (#GOLD ) has broken the descending blue trendline formed during the last down wave, as discussions around a possible attack on Iran intensified. It now appears to have completed its retest.
On the 4-hour timeframe, the bullish move may continue as long as the 4840 level is maintained.
If the 5095 – 5138 resistance zone is also broken, the price can continue its upward movement. A close above the 5597 peak would further strengthen the bullish outlook. The next upper resistance levels are 5999 and 6754.
If the resistance cannot be broken, in possible pullbacks we will monitor the support levels at 4840 – 4814 – 4655. Holding at any of these levels could lead to another attempt at breaking the resistance.
On the daily timeframe, the 4655 support is critical during pullbacks. A daily close below this level would bring the rising black trendline and the 4536 level into focus.
If a daily close occurs below 4536, the intermediate ascending trend would be broken, potentially deepening the correction toward the 4025 – 3998 zone.
From a broader perspective, the overall uptrend remains intact for now. These are the key levels to monitor—build your strategy accordingly.
