The chart suggests a potential bullish breakout for XAUUSD. Here's the analysis based on the image:
1. Chart Pattern: The price appears to be consolidating within a descending wedge, a bullish pattern signaling a potential upward breakout.
2. Entry Point: Wait for a clear breakout above the wedge's resistance before entering a buy position.
3. Target: The target is set near 2661.94, aligning with the anticipated upward move.
4. Stop Loss: A stop loss is positioned at 2638.07, just below recent support, to manage risk effectively.
5. Projection: Post-breakout, the price may retest the wedge's resistance-turned-support before resuming its upward movement toward the target.
Caution: Monitor key market events or news that could impact gold prices, and ensure proper risk management.