Gold bullish trend tests the top of the channel
Gold is running in an obvious rising channel in the hourly chart, showing a stable bullish trend. The current price is near the upper track of the channel, at $2836.23, and is showing a gradually upward oscillating trend.
The rising channel structure chart shows that gold has formed a stable rising channel since the low of $2657.50. The lower track of the channel provides strong support. After the price has pulled back to the lower track many times, it has been supported by buying. At the same time, the upper track is a pressure zone. The current price is close to the upper track area of 2837 US dollars. The future trend needs to pay close attention to the breakthrough or pullback of this position.
Key points
Support level: The recent important support levels are 2774.06 US dollars and 2733.60 US dollars. If the price pulls back, it may get buying support at these positions.
Resistance level: In the short term, the key resistance above is 2837.25 US dollars (the current upper track position). If this position can be broken, it may further test 2850 US dollars or higher.
Bull momentum The red trend line shows that the gold price has formed a bullish pattern with gradually higher highs and lows after multiple pullbacks, and the bulls are obviously stronger than the bears. If the price continues to rise along the channel, the upward trend will continue in the short term.
Potential trend
Optimistic scenario: The price breaks through the upper track of the channel (2837 US dollars), forming an accelerated rise, and is expected to test 2850-2860 US dollars Range.
Retracement scenario: If the price is blocked and falls back on the upper track, it may fall back to $2,810 or $2,780 on the lower track to seek support.
Fundamental analysis
The recent rise in risk aversion in the global market, coupled with the weakening of the US dollar index, has provided support for gold bulls. In the future, we need to pay attention to key economic data (such as non-agricultural data) and the Fed's interest rate hike dynamics, which will directly affect the volatility of gold prices.
Conclusion: Gold is still in an upward channel, and the bullish trend has not changed in the short term, but we need to be wary of the resistance risk near the upper track of the channel. Investors are advised to pay close attention to the breakthrough of $2,837 and the performance of the support range of $2,770-2,780 to capture potential trading opportunities.
