In the 2-hour timeframe, Gold has been trading within an ascending channel after a strong upward move from lower levels. Recently, price briefly broke below the main ascending trendline but quickly rebounded, signaling strong demand around the key support zone highlighted in purple between $4,550 and $4,570.
The recent bullish movement has faced short-term resistance, forming a small candlestick pattern near the descending trendline, which suggests a potential continuation of the short-term upward momentum. The next target is the resistance area around $4,620, and a successful breakout above this level could open the path toward the upper boundary of the ascending channel. Overall, Gold currently shows strong buying interest near support, providing potential opportunities for long positions with proper risk management, while a confirmed break below the key support zone would activate a bearish scenario.
Submit Your Comments
(Replying)
Please keep in mind to avoid offensive keywords and also fake information.
Be the first one to comment.