XAUUSD continues to trade within a clearly defined ascending channel, with price action consistently respecting both upper and lower boundaries. The recent price action suggests buyers are currently in control, indicating the potential for continued upside.Given the strength of the current bullish momentum, there is a strong likelihood that price may break above the key resistance zone. If that happens, it could come back to retest the level as support before continuing higher. A successful retest would reinforce the bullish structure and open the door for a potential move toward the 3,230 target, which aligns with the channel’s upper boundary.
However, if price fails to break above the resistance zone, it could signal weakening bullish momentum and open the door for a deeper pullback toward the lower boundary of the ascending channel.
Always confirm your setups and manage your risk accordingly.
Best of luck!
Trade active
Trade closed: target reached
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🌷 Backtest with FX Replay with a 15% discount + my code "trend-diva" fxreplay.com/?via=trend-diva
🌷 BEST Broker - Get 20% Deposit BONUS: bit.ly/trenddiva
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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.