XAUUSD at a Critical Level – Breakout or Rejection?

XAUUSD https://www.tradingview.com/x/UBe8glJH/XAUUSD Technical Analysis (4H)

Gold (XAUUSD) is forming an **Ascending Triangle** pattern on the 4H chart.
🔹 Key Resistance

* The **3400 – 3440** zone is acting as a strong ceiling for price.
* A breakout and consolidation above this level could trigger the next bullish wave.
🔹 Supports

* Dynamic Support: Short-term ascending trendline.
* Static Supports: **3320 – 3340**, and if broken, the next support lies at **3260 – 3280**.
🔹 Scenarios

✅ Bullish Scenario:
If price breaks and holds above **3440**, next targets may extend towards **3480 – 3520** and even **3560**.

❌ Bearish Scenario:
If the ascending trendline and **3320** support fail, a deeper correction towards **3260 – 3280** is likely.

🔹 Volume

Decreasing volume in recent moves indicates the market is in a **waiting phase** for a decisive breakout either up or down.

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📌 Summary:
The current structure suggests buyers have the upper hand, but confirmation will only come with a breakout above **3440**. Risk management is crucial in this area.