XAU/USD: Gold's Persistent Ascent – Targeting 3000 with Strong Confluence

Hello everyone from Izmir! Cem Dogan here, sharing my latest thoughts on XAU/USD. The bullish momentum in Gold continues to impress, and I believe we have a solid setup for further upside. Currently trading at 2935.56, Gold has seen a healthy 0.53% increase over the last 24 hours, pushing further into a clear bullish trend. My analysis points towards a continuation of this move, positioning us for a position trade.

Technical Structure and Trade Setup

Looking at the charts, the underlying trend for XAU/USD remains undeniably bullish. We've seen a robust defense of key support levels, with the 2912.22 mark from the recent day range low holding firm, followed by stronger support at 2900. My long entry is set at 2928, anticipating a slight consolidation or a minor pullback within the current upward trajectory. This entry provides a good risk-reward profile, as it sits above the immediate support but allows for catching the next leg up.
For this position trade, my stop-loss is strategically placed at 2891. This level sits comfortably below both the 2912.22 and 2900