XAUUSD may be forming a significant bottom within the 2025 uptrend.
Gold is testing its 2025 trend line today at $3,290 following last week’s rejection at $3,430 resistance.
Given the multi-year uptrend and Tuesday’s retest, you almost have to favor buyers here. I certainly do, hence my long position I put on earlier today, which I shared with VIP members.
However, I’ll be quick to close the position if $3,290 fails. That’s a must-hold area for XAUUSD bulls this week.
If buyers hold the line, the gold price action since April could signal an ascending triangle, which is a bullish continuation pattern.
Of course, that’s still a big “if”, considering we don’t know if bulls can hold this 2025 trend line, much less break above $3,430.
That said, the trend favors the bullish continuation pattern. If XAUUSD bulls hold support this week and force a breakout above $3,430, the next stop could be $3,830, which is the projected target.
On the other hand, a sustained break below $3,290 would invalidate the idea. It could also signal a potentially significant turning point for gold back to levels like $3,130.
