XAUUSD Short-Term Technical Analysis

In the early trading hours, Gold prices fluctuated within a tight range, revealing a consolidation pattern underpinned by a rising support trendline, indicating a bullish sentiment among intraday traders. The price action presented a notable rejection at the resistance level of 2063, as depicted by the long upper wick, suggesting a temporary overbought condition or profit-taking.

Following the rejection, prices retraced towards the rising support trendline. This could be perceived as a healthy pullback, offering a potential entry point for buyers believing in the continuation of the uptrend. The support zone around 2042-2045, highlighted by the recent lows and the ascending trendline, is pivotal for maintaining the bullish structure.

The Risk/Reward (R/R) setup formulated on the chart exhibits a strategic entry point just above the support trendline, with a stop-loss marginally beneath it to mitigate the risk of a false breakout. The profit target is set just below the resistance, ensuring a pragmatic approach towards liquidity levels and potential reversal points.

In conclusion, the short-term outlook for XAUUSD remains bullish as long as the price sustains above the trendline support. A break below this could invalidate the bullish scenario, shifting the focus towards the next support levels.

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