- XAU/USD shows strong bullish momentum with a 500-pip rise expected soon.
- Gold price rises amid weakening US dollar and potential Fed rate cuts.
- Immediate resistance for XAU/USD is between $3,676 and $3,703.
The XAU/USD pair continues its bullish surge, as the price moves towards key resistance levels. On September 12, Captain Faibik identified a potential upward movement of 500 pips. Since then, the price has shown signs of pushing towards the green target zone.
The breakout above a descending channel further confirms this positive momentum. With the weakening US dollar and speculation around a potential Federal Reserve rate cut, the bullish trend appears likely to continue.
As of September 16, the price continues to rise, with the target range still intact. The price action reflects strong momentum that traders have been watching closely.
Technical Levels and Resistance Zones
The chart analysis shows a clear breakout pattern, indicating that the price of gold could soon encounter higher resistance levels. The immediate resistance for XAU/USD is seen between $3,676 and $3,703.
A sustained movement above this range could trigger a new phase of price appreciation, pushing gold towards a target zone between $3,722 and $3,780.
However, on the downside, key support levels between $3,640 and $3,617 exist. If the price retraces, these support zones could offer short-term stability for gold prices.
The upward movement reflects an ongoing bullish trend within an ascending channel, confirming that the momentum remains strong as long as these technical levels hold.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
