Gold (XAU/USD) Poised for Upside Move from 1H Support Zone

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Gold (XAU/USD) – 1-Hour Time Frame Analysis

Gold is currently trading within an upward parallel channel on the 1-hour chart. The price has been consistently respecting both the support and resistance zones of this channel.

At the moment, Gold is positioned near the lower boundary (support zone) of the channel. From this level, we anticipate a strong bullish move, potentially triggering a significant upside.

Current Price: 3331

Target: 3402

Stop-Loss: 3312


Traders may look for confirmation at the support zone before entering long positions, with favorable risk-to-reward potential.

Penafian

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