Hello, good morning dear traders. We are here with XAUUSD technical analysis for the first trading day of the week. Let’s delve into the analysis without further delay.

XAUUSD Technical analysis for first Trading session of this week

XAUUSD (Gold) has once again caught traders’ attention as it finds support at a critical trendline on the 4-hour chart. After a recent pullback from the highs near $2,720, Gold successfully tested its ascending trendline near the $2,640 region, a level that has consistently acted as dynamic support. This bounce indicates that buyers are stepping back in, showing signs of renewed bullish interest.

Key Technical Levels:

Support Level: The ascending trendline around $2,640.
Immediate Resistance: $2,660, marked by the purple horizontal line.
Key Target: A break above resistance could send the price toward the $2,679 zone, the next significant barrier.

Market Outlook and Possible Scenarios:

Bullish Scenario 📈

If XAUUSD manages to hold above the $2,640 support and decisively breaks through the $2,660 resistance, it may signal a continuation of the uptrend. In this case, the next logical target lies around $2,679. A break above this level could further open the door for higher gains in the short term.

Bearish Scenario 📉

On the flip side, failure to maintain strength above the $2,660 resistance might result in another pullback. The $2,640 support (green trendline) would be critical once again. A breakdown below this level could trigger further declines, potentially testing lower zones near $2,620.

Technical Signals:

The ascending trendline remains intact, acting as a strong base for bulls.
Buying momentum has increased, as reflected by higher volumes during the recent bounce.
XAUUSD is forming a potential higher-low structure, suggesting buyers are gradually regaining control.

Trading Focus:

Keep a close eye on the $2,660 resistance. A breakout with volume could offer a bullish setup, while any rejection might signal a short-term pullback. Gold’s ability to respect the ascending trendline will be key in determining the next move.

🔗 What do you think? Will XAUUSD hold its trendline and push higher?
💬 Share your thoughts below about this analysis!