XAUUSD
Hello Traders!
What are your thoughts on Gold?
Gold entered a corrective phase after reaching the upper boundary of the ascending channel. This correction extended toward the lower boundary of the channel and the marked support zone, where price showed a strong bullish reaction. The subsequent rebound confirms that the overall bullish market structure remains intact.
At the moment, the highlighted resistance zone is acting as the main barrier to further upside.
If this resistance is broken decisively, continuation toward higher price levels can be expected.
Trading Plan:
For long positions, the preferred scenario is to wait for a clear breakout above the resistance and then enter on a pullback after price successfully holds above the broken level. This approach provides a more favorable risk-to-reward setup.
Invalidation:
If price breaks the lower boundary of the ascending channel and decisively moves below the support zone, the current bullish outlook will be invalidated.
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