Gold Price Technical Analysis (XAU/USD)
Updated
Ascending Channel: Gold is moving within a clear ascending channel, showing a strong bullish momentum. Price has respected both the upper and lower bounds of the channel multiple times, confirming this structure.
Support and Resistance Zones:
Immediate Resistance at $2,747: This level, marked by a previous price peak, could act as a resistance. A breakout above could lead to further bullish movement.
Current Trend:
The price is nearing the top of the channel, suggesting either a potential breakout or a retracement towards the lower bounds of the channel.
Potential Scenarios:
Bullish Case: If the price breaks above $2,747, we could see a continuation of the bullish trend with higher price targets.
Trade closed: target reached
the target of the long position touched
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