GOLD – Bullish Momentum Building Within Ascending Channel
GOLD continues to trade within a clearly defined ascending channel respecting both trendlines with precision. After a brief pullback into support near 3377 price action is showing signs of recovery, setting the stage for a potential move higher
🔍 Technical Overview:
The broader uptrend remains intact.
Price recently bounced from dynamic support (channel midline), showing bullish reaction.
Short-term range breakout in progress, aiming for the upper boundary of the channel.
Target zone aligns with the previous high near 3451, offering a favorable risk-to-reward setup.
📈 Bullish Scenario:
If price maintains strength above the 3377 support, we could see a push toward:
3422 – local resistance Then into the target zone near 3451 where the upper channel line acts as potential resistance.
resistance: levels 3422, 3436, 3451,
Support: levels 3377, 3369,
Summary: Gold is respecting its bullish structure, consolidating within a channel, and preparing for a potential continuation. As long as support holds, the bias remains to the upside.
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