Gold can Push Towards a New High of 4150

[Antony Bishop]

Hello traders, I want share with you my opinion about Gold. The market for Gold has been defined by a strong and sustained bullish momentum, which began after the price broke out of a prolonged consolidation range with support from the 3380 buyer zone. This structural shift initiated a new uptrend, with the price action for XAU since being neatly contained within a well-defined upward channel. The asset has shown significant strength, breaking through multiple resistance levels, including the current support level at 3795, and continuing to make higher highs. Currently, the price is trading very close to the resistance line of this upward channel, consolidating after its most recent impulsive move. In my mind, this high-level consolidation is a sign of bullish strength, suggesting buyers are absorbing supply. I expect that the price will make a small corrective movement from these highs before the primary uptrend resumes. I think a successful, shallow pull-back will confirm the underlying momentum and set the stage for the next leg higher. Therefore, I have placed my TP at 4150, a target that aims for a new structural high at the upper boundary of the upward channel.