XAUUSD On the daily chart, gold has achieved a key bullish target at the confluence of the 0.50% Fibonacci extension with the upper edge of the price channel. Once gold breaks this level (3,113 USD), it will be eligible for further upside with the next target around 3,139 USD in the short term, which is the price point of the 0.618% Fibonacci extension.
In the meantime, the steep RSI remains active in the 80-100 area but shows no signs of weakening or correction, so in terms of momentum, the bullish momentum remains very strong.
As long as gold remains within the channel, it has a medium-term bullish outlook, otherwise the channel will become a short-term bullish trend channel.