In the 4H and Daily chart, XAUUSD has exhibited three pushes, and today the price consolidated under the trend line. This formation is an ascending channel, which can break from the top, but the last bullish leg didn’t have enough pullbacks. It seems bulls are taking some profits now, indicating a potential fall from this area.
Note
Gold (XAUUSD) has successfully reached the first expected support zone after a significant drop. It perfectly reacted to the resistance at the top of the ascending channel, as predicted. This movement underscores the importance of these critical zones in trading strategies. Congrats to everyone who followed the analysis and capitalized on this opportunity.
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📈 Crypto – Bitcoin daily analysis & exclusive Altcoins opportunities!
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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.