**Gold (XAU/USD) 1H Chart Forecast & Analysis:**
This chart shows the **1-hour timeframe** of Gold Spot (XAU/USD) with a **trend channel** and **potential price movement projections**.
### **Key Observations:**
1. **Uptrend Channel:**
- The price has been moving within an **ascending channel (blue zone)**, indicating a **strong bullish trend**.
- The recent rally pushed gold near **$3,000**, where it faced resistance.
2. **Projected Movement:**
- A **pullback** towards **$2,977 - $2,946** (support zone) is expected before a **new bullish leg**.
- If this support holds, gold could bounce back toward **$3,020 - $3,040+**.
3. **Support & Resistance:**
- **Resistance Levels:** $3,000 - $3,040
- **Support Levels:**
- **Immediate:** $2,977
- **Stronger:** $2,946 - $2,929
4. **Possible Scenarios:**
- **Bullish Case:** If gold holds support above **$2,977-$2,946**, it could rally towards **$3,040**.
- **Bearish Case:** If price **breaks below $2,929**, a deeper correction toward **$2,900-$2,880** may follow.
### **Trading Plan:**
- **Buy on dips** near **$2,946-$2,929**, targeting **$3,020-$3,040**.
- **Breakout buy** above **$3,000**, with a stop-loss below **$2,977**.
- **Sell below $2,929**, targeting **$2,900-$2,880**.
This chart shows the **1-hour timeframe** of Gold Spot (XAU/USD) with a **trend channel** and **potential price movement projections**.
### **Key Observations:**
1. **Uptrend Channel:**
- The price has been moving within an **ascending channel (blue zone)**, indicating a **strong bullish trend**.
- The recent rally pushed gold near **$3,000**, where it faced resistance.
2. **Projected Movement:**
- A **pullback** towards **$2,977 - $2,946** (support zone) is expected before a **new bullish leg**.
- If this support holds, gold could bounce back toward **$3,020 - $3,040+**.
3. **Support & Resistance:**
- **Resistance Levels:** $3,000 - $3,040
- **Support Levels:**
- **Immediate:** $2,977
- **Stronger:** $2,946 - $2,929
4. **Possible Scenarios:**
- **Bullish Case:** If gold holds support above **$2,977-$2,946**, it could rally towards **$3,040**.
- **Bearish Case:** If price **breaks below $2,929**, a deeper correction toward **$2,900-$2,880** may follow.
### **Trading Plan:**
- **Buy on dips** near **$2,946-$2,929**, targeting **$3,020-$3,040**.
- **Breakout buy** above **$3,000**, with a stop-loss below **$2,977**.
- **Sell below $2,929**, targeting **$2,900-$2,880**.
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.
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.