"XAUUSD Falling Wedge Reversal Setup | Can Gold Rally from 4229

#XAU/USD#

XAUUSD (Gold) 15M Technical Analysis

Market Structure: Bearish to Bullish Reversal Watch

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Key Observations
Price has been trading inside a large falling wedge / descending structure, which is typically a bullish reversal pattern.
The recent decline has pushed XAUUSD directly into the major support zone around 4229.
Multiple bearish candles show strong selling pressure, but price is now testing the wedge's lower boundary.
The 9 SMA and Supertrend remain bearish, indicating short-term downside momentum is still active.
A successful defense of the support area could trigger a sharp recovery toward the upper resistance zone.
Trade Setup (As Marked)
Support Level: 4229.35
Target Point: 4321.08
Stop Loss: 4189.65
Bullish Scenario
If buyers defend 4229 support, a rebound toward 4280 → 4300 → 4321 becomes likely.
A breakout from the descending trendline would confirm bullish momentum and increase the probability of reaching the target zone.
Bearish Scenario
If price closes decisively below 4229, the wedge structure fails.
Further downside could extend toward 4200–4190, where the stop-loss region is located.
Conclusion

XAUUSD is testing a critical support zone within a falling wedge pattern. The setup favors a potential bullish reversal as long as price holds above 4229. Confirmation comes from a bullish reaction and breakout above the descending resistance line, targeting 4321 while keeping risk below 4189.