XAUUSD is trading within a well-defined ascending channel, signaling strong bullish momentum. The price has consistently respected the channel boundaries, forming higher highs and higher lows, which aligns with the continuation of the uptrend.It has recently broken above a key resistance zone and is now pulling back for a retest. This area previously acted as resistance and may now serve as support, aligning with a potential bullish continuation.
If buyers confirm support at this level, the price is likely to move upward toward the $3,600 level, which aligns with the upper boundary of the channel. This setup reflects the potential for further bullish movement as buyers continue to dominate the market.
Traders should monitor for bullish confirmation signals, such as bullish engulfing candles, strong rejection wicks from the support zone, or increased buying volume, before considering long positions.
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