XAUUSD
Hello Traders!
What are your thoughts on GOLD?
Gold continues to trade within a short-term ascending channel and is now approaching the upper boundary of this structure. This region also aligns with a major resistance zone formed by the previous swing high, creating a strong confluence area.
As price enters this resistance cluster, we expect selling pressure and a potential rejection. Based on the current momentum, it does not appear likely that gold will easily break above this zone in the short term.
Therefore, the more probable scenario is:
1-A pullback toward the lower boundary of the ascending channel
2- If the channel breaks to the downside, an extended decline toward the next key support level becomes likely
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