XAUUSD continues to benefit from a weaker US dollar and softer Treasury yields, while political uncertainty following the US midterm elections has added support to safe-haven demand. However, with the US Non-Farm Payrolls (NFP) report approaching, the market is entering a critical period that could determine the strength of gold's next move.
What catches my attention on the H1 chart is how gold has behaved after its recent rally. Following a rejection near $4,140, price has gradually pulled back toward $4,057, but the broader ascending channel remains intact. Rather than signaling a major reversal, this correction appears to be testing whether buyers are ready to defend their gains.
The $4,032–$4,057 support zone is now the area I'm watching most closely. With horizontal support and Ichimoku lining up nearby, a successful retest could attract fresh buying interest. If buyers regain momentum, I expect XAUUSD to recover toward $4,100, followed by $4,140, with $4,160–$4,180 as the next upside target near the upper boundary of the channel.
My bias remains BULLISH on XAUUSD. I'm not looking to chase the market higher, but rather to see how price responds around support. As long as gold holds above $4,032 and maintains its ascending structure, I see the current pullback as a potential setup for another bullish move.
The next rally may depend less on how quickly gold rises and more on how firmly buyers defend this correction.
What catches my attention on the H1 chart is how gold has behaved after its recent rally. Following a rejection near $4,140, price has gradually pulled back toward $4,057, but the broader ascending channel remains intact. Rather than signaling a major reversal, this correction appears to be testing whether buyers are ready to defend their gains.
The $4,032–$4,057 support zone is now the area I'm watching most closely. With horizontal support and Ichimoku lining up nearby, a successful retest could attract fresh buying interest. If buyers regain momentum, I expect XAUUSD to recover toward $4,100, followed by $4,140, with $4,160–$4,180 as the next upside target near the upper boundary of the channel.
My bias remains BULLISH on XAUUSD. I'm not looking to chase the market higher, but rather to see how price responds around support. As long as gold holds above $4,032 and maintains its ascending structure, I see the current pullback as a potential setup for another bullish move.
The next rally may depend less on how quickly gold rises and more on how firmly buyers defend this correction.
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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.