Gold (XAU/USD) is trading within an ascending channel
Gold (XAU/USD) is trading within an ascending channel, currently testing the upper boundary near $2,930. This level has historically acted as resistance, suggesting potential for a pullback. Analysts recommend caution, advising against chasing long positions at these highs. A prudent strategy involves waiting for a retracement to support levels around $2,820 before considering new long entries. Conversely, a decisive breakout above $2,930, confirmed by sustained price action, could signal further upside toward the psychological level of $3,000. Traders are advised to monitor these key levels and await confirmation before making trading decisions
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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.