Hello traders! Hereās my technical outlook based on the current XAUUSD (3H) chart structure. Gold broke down from an ascending channel after a rejection at the pivot point, shifting into a bearish phase. However, price found support near the 4,480 demand zone and is now forming higher lows along a rising demand line.
Currently, price is holding above the demand zone and forming higher lows along a rising demand trend line. At the same time, the market is testing a descending supply line, which acts as dynamic resistance.
As long as XAUUSD holds above 4,480 and respects the rising demand line, a bullish move is possible. A breakout above the descending supply line could push price toward the 4,700 resistance (TP1). If price breaks below 4,480, the bullish scenario weakens. Manage your risk!