Gold can Bounce From Channel Support and Continue Higher

[Antony Bishop]

Hello traders, I want share with you my opinion about Gold. The market context for Gold has been firmly bullish since the price action reversed its prior downward channel, a move that established the current, well-defined upward channel. This structure has been methodically guiding the price of XAUUSD higher through a clear sequence of higher highs and higher lows, confirming that buyers are in control of the dominant trend. Currently, after recently testing the channel's upper resistance line, the asset is undergoing a healthy corrective phase. This pull-back is guiding the price towards a critical confluence of support, where the ascending support line of the channel meets the horizontal support zone around the 3625 current support level. In my mind, this correction is an opportunity to join the uptrend. I expect that the price will find support on the channel's lower boundary and initiate a new upward rebound. I think this move will carry the price to a new high within the channel. Therefore, I have placed my TP at 3930 points.