Gold (XAU/USD) Upward Channel with Potential Correction
hello guys!
let's analyze GOLD!
Rising Channel: Gold is trading within a well-defined ascending channel, showing a continuous bullish trend over the medium term.
Resistance Zone: The price is nearing a significant resistance zone around $2,747, which could act as a cap on further bullish momentum.
Possible Double-Top Formation: The chart suggests the possibility of a double-top forming near the upper boundary of the channel, which may signal a short-term reversal.
Correction Expected: After testing the resistance, a pullback to the channel's lower trendline is expected. Previous support levels mark the initial downside targets, which are around $2,724 and $2,708.
Fibonacci Retracement: A deeper retracement could target the 0.618 Fibonacci level at approximately $2,691, where strong buying interest may re-emerge.
let's analyze GOLD!
Rising Channel: Gold is trading within a well-defined ascending channel, showing a continuous bullish trend over the medium term.
Resistance Zone: The price is nearing a significant resistance zone around $2,747, which could act as a cap on further bullish momentum.
Possible Double-Top Formation: The chart suggests the possibility of a double-top forming near the upper boundary of the channel, which may signal a short-term reversal.
Correction Expected: After testing the resistance, a pullback to the channel's lower trendline is expected. Previous support levels mark the initial downside targets, which are around $2,724 and $2,708.
Fibonacci Retracement: A deeper retracement could target the 0.618 Fibonacci level at approximately $2,691, where strong buying interest may re-emerge.
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