Gold (XAUUSD) Analysis - #2 -On a way to 5100
XAUUSD has rallied strongly over the past three days, largely driven by rising geopolitical tensions, which have increased demand for safe-haven assets. As uncertainty grows, capital naturally flows into gold, supporting the recent upside momentum. If these tensions persist, we can expect continued bullish pressure with the next key resistance zone sitting at 5090-5100.
On the daily chart, Wednesday printed a clear bullish engulfing pattern, signaling strong buyer commitment. Price also reacted around the EMA(21), rejecting lower levels and reinforcing short-term bullish sentiment. Technically, the structure is becoming even more interesting as price action is forming an ascending triangle pattern. The 5090-5100 area continues to act as horizontal resistance, while rising trend support underneath shows buyers stepping in at progressively higher levels.
This type of compression often precedes a breakout.
However, the outlook remains sensitive to headlines. If geopolitical tensions begin to ease, safe-haven demand could fade, opening the door for a downside move. In that case, the first key support lies near 4930, where the ascending triangle trendline is positioned. A deeper correction could expose the long-term trend support around 4650. For now, momentum favors buyers, but fundamentals will likely dictate the next decisiveAnalysis
#Trend Analysis
#Chart Patterns
#Fundamental Analysis
#TradingShot #BİNANCE #BTCVSGOLD