Gold (XAU/USD) Rebound Imminent? Channel Support Holding Strong

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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!

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