XAUUSD is currently moving within a well-defined uptrend channel, with price action consistently respecting both the upper and lower boundaries. The recent bullish momentum suggests that buyers are maintaining control, indicating a strong possibility for further price increases.The price recently broke through an important resistance zone and has now come back to retest it. Should this level hold as support, it will strengthen the bullish trend and enhance the likelihood of reaching the 3.470 target, aligning with the upper boundary of the channel.
As long as the price stays above this support zone, the bullish outlook remains valid. However, a failure to sustain above this level could invalidate the bullish thesis and increase the chances of a deeper pullback.
Always ensure to confirm your setups and apply appropriate risk management strategies.
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✅ Trading advisory for XAUUSD,FOREX, BITCOIN...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.