This 1-hour chart of Gold (CFDs on Gold, USD/OZ) highlights a clear bullish price channel, indicating a short-term upward momentum. Price is steadily climbing within the ascending channel, with a projected target of $3035, marked just below a key resistance zone. The Supertrend indicator has recently flipped to an uptrend, reinforcing the bullish bias. However, traders should note the proximity of the Supertrend: Down Trend signal around the $3035 resistance, suggesting potential rejection or consolidation near that level. Ideal for short-term intraday trading opportunities with caution at resistance zones.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.