For XAU/USD, the potential bullish breakout scenario is as follows:
Description: The chart indicates a potential bullish breakout, with significant support identified at two levels.
Support Levels:
The 1st support level is at 2,015.60, characterized by a "Pullback support." This level suggests a historical area where the price has found support, coinciding with previous price action.
The 2nd support level is positioned at 1,988.39, noted as a "Pullback support." This level represents another historical zone where price has found support, indicating potential buying interest.
Resistance Levels:
The 1st resistance level is observed at 2,039.90, designated as a "Pullback resistance." This level indicates a historical barrier where the price has encountered selling pressure after reaching previous highs.
The 2nd resistance level is located at 2,058.13, recognized as an "Overlap resistance." Like the 1st resistance, it represents another historical level where the price has struggled to move above due to selling pressure.