Gold is currently respecting a well-defined ascending channel on the 4H timeframe. After a recent correction, price has bounced off the lower boundary of the channel near $3,200—signaling potential bullish continuation.
Key Observations:
Trend: Bullish structure intact with higher highs and higher lows.
Support Zone: Price reacted strongly to the lower channel line, showing buying interest.
Resistance Target: Next short-term resistance lies around $3,300–$3,320 (mid-channel), with a possible rally toward $3,400 if momentum holds.
Price Action: Bullish engulfing patterns starting to emerge near support.
Upcoming US Data: Watch for high-impact economic news on May 15–17, which could drive volatility.
My Bias:
If the channel support holds, I’m bullish on XAU/USD with a short-term target near $3,320 and extended target around $3,390–$3,400.
Confirmation Needed:
Strong bullish candle close above $3,260
RSI crossover or MACD histogram flipping positive (not shown here but useful to check)
Risk Management:
Entry: Above $3,260
SL: Below $3,200
TP1: $3,320
TP2: $3,390
What do you think? Will gold bounce or break the trend? Drop your thoughts below!
Key Observations:
Trend: Bullish structure intact with higher highs and higher lows.
Support Zone: Price reacted strongly to the lower channel line, showing buying interest.
Resistance Target: Next short-term resistance lies around $3,300–$3,320 (mid-channel), with a possible rally toward $3,400 if momentum holds.
Price Action: Bullish engulfing patterns starting to emerge near support.
Upcoming US Data: Watch for high-impact economic news on May 15–17, which could drive volatility.
My Bias:
If the channel support holds, I’m bullish on XAU/USD with a short-term target near $3,320 and extended target around $3,390–$3,400.
Confirmation Needed:
Strong bullish candle close above $3,260
RSI crossover or MACD histogram flipping positive (not shown here but useful to check)
Risk Management:
Entry: Above $3,260
SL: Below $3,200
TP1: $3,320
TP2: $3,390
What do you think? Will gold bounce or break the trend? Drop your thoughts below!
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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.