Gold (XAUUSD) remains in a strong long-term uptrend, respecting a well-defined ascending channel on the weekly timeframe. Price is currently testing the upper boundary of this channel, suggesting potential exhaustion near the resistance zone.
A bearish rejection from this area could trigger a corrective move toward the lower boundary of the channel, aligning with a healthy pullback in an overall bullish structure. The chart also highlights a clear risk-to-reward setup, with a stop loss positioned above the recent highs and a target toward channel support.
As long as price remains below the channel top, downside pressure is likely in the incoming weeks. A confirmed breakout above the channel, however, would invalidate the bearish move and signal continuation of the bullish momentum.
Stop loss: 3443
Take profit: Around 2895 ( EMA 200 Daily )
A bearish rejection from this area could trigger a corrective move toward the lower boundary of the channel, aligning with a healthy pullback in an overall bullish structure. The chart also highlights a clear risk-to-reward setup, with a stop loss positioned above the recent highs and a target toward channel support.
As long as price remains below the channel top, downside pressure is likely in the incoming weeks. A confirmed breakout above the channel, however, would invalidate the bearish move and signal continuation of the bullish momentum.
Stop loss: 3443
Take profit: Around 2895 ( EMA 200 Daily )
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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.