#XAUUSD 1H
Trend Analysis:
• Gold is moving within a well-defined ascending channel (highlighted in yellow).
• The price has maintained higher highs and higher lows, confirming the bullish trend.
Key Levels:
• Resistance Zone:
• 2,950 region – Price is currently testing this level.
• 3,034.558 – Major resistance level, potential target if price breaks above the current zone.
• Support Zones:
• 2,942 - 2,944 (Immediate support) – A minor retracement area.
• 2,920 region – Strong demand zone where price previously bounced.
Market Structure & Price Action:
• Short-term: The price is consolidating near resistance, showing signs of accumulation or potential breakout.
• Breakout Scenario: If Gold breaks and holds above 2,950, it could rally toward 3,000+ levels.
• Rejection Scenario: Failure to break could lead to a pullback toward the 2,920 support.
Conclusion:
Gold remains bullish within the channel. A confirmed breakout above 2,950 could trigger further upside, while rejection may lead to a short-term pullback. Monitoring price action at key levels is crucial for the next move.
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.