XAUUSD TECNICAL ANALYSIS M15 Overall Market Structure and Trend On the M15 timeframe, XAUUSD shows a clear bullish recovery after a corrective phase. Price initially traded inside an ascending channel marked by red trendlines, indicating higher highs and higher lows. After breaking below that channel near the 24 Aug 12:30 session, Gold dropped into the 4618.66 - 4639.46 zone highlighted in green. That area acted as demand. From there, buyers stepped in aggressively, pushing price back above 4664.85 and forming a new swing high near 4698. The current structure is bullish with price above the midline of the prior range and printing higher lows. Key Levels and Support/Resistance The horizontal teal line at 4664.85 is now acting as immediate support after previously capping price during the channel phase. The green demand zone between 4618.66 and 4639.46 is the most significant support on this chart. A retest of this area would align with the last consolidation before the rally and matches the red arrow projection. To the upside, the recent high around 4698.00 is the first resistance. A clean break above it opens room toward 4701.86 and then the psychological 4712.26 level shown on the price scale.
Price Action and Candlestick Behavior Price action shows rejection and reversal characteristics. The drop into the green box produced long lower wicks and a base of small-bodied candles, signaling buyer absorption. The subsequent rally was impulsive with strong green candles and minimal pullbacks, indicating strong momentum. The most recent candles near 4664.85 show a minor pullback and consolidation, not a reversal. This is typical healthy behavior in an uptrend as price digests gains before the next leg. Trendlines and Pattern Context The early ascending channel was invalidated to the downside, which often precedes a sharper move. The break, retest, and bounce from the green zone created a classic "breakdown and reversal" setup. The red arrow drawn toward 4700+ suggests the market is targeting a continuation of the bullish impulse. As long as price holds above 4664.85 and the 4618.66 zone, the higher-timeframe bias remains up.
