Gold Breakout Targets 3,255.long setup

This is a 30-minute candlestick chart of Gold (XAU/USD) showing technical analysis for short-term trading. Here's a breakdown of what the chart is illustrating:

1. Falling Wedge Pattern (Bullish Reversal)

The red lines form a falling wedge, a bullish reversal pattern.

Price broke out upwards from the wedge, which is typically a buy signal.

The orange circle marks the breakout point.


2. Support and Resistance Zones

Green Zone (Upper Box ~ 3,255): Strong resistance zone, where sellers might step in.

Brown Zone (~3,192): Now acting as support, previously a resistance level.

Blue Arrow: Suggests expected upward continuation after a possible retest of the support zone.


3. Current Price Action

Gold is trading at 3,222.440, up +1.43%.

The chart suggests a bullish outlook with a potential move toward 3,255.828.


4. Trade Setup

A long (buy) trade has likely been initiated around the wedge breakout.

Target: Resistance zone at ~3,255.

Stop loss: Below the support at around ~3,172.881.