**Gold (XAU/USD) 1H Chart Analysis** OANDA:XAUUSD **Gold (XAU/USD) 1H Chart Analysis** OANDA:XAUUSD
1. **Uptrend Channel:**
- The price has been respecting an ascending channel, with higher highs and higher lows.
- The channel’s lower boundary is acting as dynamic support, while the upper boundary serves as resistance.
2. **Current Price Action:**
- Gold is pulling back from the upper resistance area around **$2,780** and is now approaching the midline and lower boundary of the channel.
- A break below **$2,740** could lead to a test of the channel’s lower boundary near **$2,720-$2,700**.
3. **Potential Trade Outlook:**
- **Bullish Scenario:** If price finds support at the lower trendline and rebounds, it could present a buying opportunity targeting **$2,760-$2,780** again.
- **Bearish Scenario:** A confirmed breakdown of the channel support might lead to further declines toward **$2,700** or lower.
