XAUUSD: Holds $4,770 Support With Upside Potential Toward $4,890
Hello everyone, here is my breakdown of the current XAUUSD setup.
Market Analysis
Gold is trading within a well-defined bullish structure, supported by a clear ascending channel that reflects sustained buyer control. Earlier in the move, price respected the lower boundary of the channel and formed a sequence of higher highs and higher lows, confirming strong bullish momentum. During the advance, XAUUSD entered a consolidation range, signaling a temporary pause and accumulation before continuation. This range eventually resolved to the upside, reinforcing the prevailing bullish trend. After the breakout, price experienced a brief corrective move, including a fake breakout to the downside, which was quickly absorbed by buyers. This false break further validated underlying demand and led to a strong impulsive move higher back into the channel. Most recently, Gold broke above a key intraday resistance and successfully retested the former resistance as support near the 4,770 Support Zone, confirming acceptance above this level.
Currently, XAUUSD is trading above support and pushing toward the upper boundary of the ascending channel. Price is approaching a major Resistance Zone around 4,880–4,890, which aligns with the channel high and represents a critical reaction area where profit-taking or short-term selling pressure may appear.
My Scenario & Strategy
My primary scenario remains bullish as long as XAUUSD holds above the 4,770 support zone and continues to respect the ascending channel structure. A sustained move and acceptance above the 4,890 resistance would confirm continuation toward higher levels within the channel.
However, rejection from the resistance zone could lead to a short-term consolidation or a corrective pullback toward the 4,770 support area before the next attempt higher. A clear breakdown and acceptance below support would weaken the bullish bias and signal a deeper correction. For now, market structure and momentum favor buyers while price remains supported above key levels.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
Market Analysis
Gold is trading within a well-defined bullish structure, supported by a clear ascending channel that reflects sustained buyer control. Earlier in the move, price respected the lower boundary of the channel and formed a sequence of higher highs and higher lows, confirming strong bullish momentum. During the advance, XAUUSD entered a consolidation range, signaling a temporary pause and accumulation before continuation. This range eventually resolved to the upside, reinforcing the prevailing bullish trend. After the breakout, price experienced a brief corrective move, including a fake breakout to the downside, which was quickly absorbed by buyers. This false break further validated underlying demand and led to a strong impulsive move higher back into the channel. Most recently, Gold broke above a key intraday resistance and successfully retested the former resistance as support near the 4,770 Support Zone, confirming acceptance above this level.
Currently, XAUUSD is trading above support and pushing toward the upper boundary of the ascending channel. Price is approaching a major Resistance Zone around 4,880–4,890, which aligns with the channel high and represents a critical reaction area where profit-taking or short-term selling pressure may appear.
My Scenario & Strategy
My primary scenario remains bullish as long as XAUUSD holds above the 4,770 support zone and continues to respect the ascending channel structure. A sustained move and acceptance above the 4,890 resistance would confirm continuation toward higher levels within the channel.
However, rejection from the resistance zone could lead to a short-term consolidation or a corrective pullback toward the 4,770 support area before the next attempt higher. A clear breakdown and acceptance below support would weaken the bullish bias and signal a deeper correction. For now, market structure and momentum favor buyers while price remains supported above key levels.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
Transakcja zamknięta: osiągnięto wyznaczony cel
Our technical analysis on gold worked perfectly. As we expected, the upward movement continued inside the ascending channel.
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🚀If you want became part of my trading team & start making big profits welcome to my paid VIP signals group, write me✏️ t.me/ratner_1
❤️Welcome to my telegram channel👉🏼 t.me/ratner_trading
❤️Welcome to my telegram channel👉🏼 t.me/ratner_trading
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.