I still see XAUUSD trading within a broader bullish structure. Despite the recent pullback, gold continues to hold key support, while safe-haven demand is giving buyers an additional advantage.
From the macro side, I see a weaker U.S. dollar and rising geopolitical tensions in the Middle East as the main factors supporting gold right now. Oil prices near $100 are keeping inflation concerns alive and could make the Fed’s next move more complicated. The backdrop is mixed, but for now, I believe dollar weakness and geopolitical uncertainty are helping gold stay resilient.
Looking at the H8 chart, I can see XAUUSD continuing to respect its ascending price channel. The latest pullback has brought price closer to the lower boundary, where the 4,280–4,330 demand zone becomes especially important. Buyers have reacted strongly from this trendline before, so I am watching this area closely for another bullish response.
As long as XAUUSD stays above 4,280–4,330, my bias remains bullish. I am looking for a recovery toward 4,490 first. If buyers can break and hold above this level, I believe the next major area to watch will be 4,700–4,780.
For me, the key is simple: as long as the channel support holds, I still see the pullback as an opportunity for buyers rather than the end of the bullish trend.
From the macro side, I see a weaker U.S. dollar and rising geopolitical tensions in the Middle East as the main factors supporting gold right now. Oil prices near $100 are keeping inflation concerns alive and could make the Fed’s next move more complicated. The backdrop is mixed, but for now, I believe dollar weakness and geopolitical uncertainty are helping gold stay resilient.
Looking at the H8 chart, I can see XAUUSD continuing to respect its ascending price channel. The latest pullback has brought price closer to the lower boundary, where the 4,280–4,330 demand zone becomes especially important. Buyers have reacted strongly from this trendline before, so I am watching this area closely for another bullish response.
As long as XAUUSD stays above 4,280–4,330, my bias remains bullish. I am looking for a recovery toward 4,490 first. If buyers can break and hold above this level, I believe the next major area to watch will be 4,700–4,780.
For me, the key is simple: as long as the channel support holds, I still see the pullback as an opportunity for buyers rather than the end of the bullish trend.
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Free daily Forex, Gold, Crypto setups with reasoning
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👉 Join free: t.me/+-HowPr1J4k03NGY1
Educational only. Not financial advice. Trading involves risk.
Related publications
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.