monthly chart of XAU/USD (Gold Spot) showing a long-term
This is a monthly chart of XAU/USD (Gold Spot) showing a long-term ascending channel.
Key Observations:
1. Price is near the upper boundary of the channel, around $2,874
2. Potential resistance at approximately $3,202, marked with an upward arrow.
3. Previous price action shows respect for channel boundaries**, meaning a pullback from resistance is possible.
4. Support zones** lie around $2,767–$2,861, while a major lower trendline support is near $2,099–$1,911.
Possible Scenarios:
- If momentum continues, gold may test $3,200 before seeing a correction.
- A rejection from the upper channel could trigger a retracement towards $2,767–$2,861.
- Breakout above $3,200 could signal a strong bullish continuation.
Key Observations:
1. Price is near the upper boundary of the channel, around $2,874
2. Potential resistance at approximately $3,202, marked with an upward arrow.
3. Previous price action shows respect for channel boundaries**, meaning a pullback from resistance is possible.
4. Support zones** lie around $2,767–$2,861, while a major lower trendline support is near $2,099–$1,911.
Possible Scenarios:
- If momentum continues, gold may test $3,200 before seeing a correction.
- A rejection from the upper channel could trigger a retracement towards $2,767–$2,861.
- Breakout above $3,200 could signal a strong bullish continuation.
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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.
If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
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.