Welcome back, dear traders! We are here again with an XAUUSD technical analysis. Let’s move on to the analysis.

Today’s XAUUSD (Gold) Technical Analysis on the M30 Chart by Guriforex:

☄️ On the M30 chart, XAUUSD has formed a descending triangle pattern, with the price compressed down to the support level corresponding to the 161.8 Fibonacci retracement. The indicators are currently ambiguous, creating a scenario where both bullish and bearish outcomes are possible.

🔽 In the bearish scenario, if the bears manage to push the Gold price below the crucial support level at 2415, the next downside target will be 2395. This move would confirm the descending triangle pattern and likely attract more sellers into the market.

🔼 Conversely, in the bullish scenario, if the price breaks above the upper trend line of the triangle, it could signal a reversal. In this case, the price may rally towards the resistance level at 2440. This breakout could trigger buying interest and indicate a shift in market sentiment towards the upside.

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