Gold (XAU/USD) is trading in a strong ascending channel on the 45-minute chart, currently at $3,357.51 (+1.91%). Repeated bullish bounces off the channel’s lower boundary (highlighted in orange) reinforce the uptrend. With support from a green trailing indicator and recent breakout momentum, the next target is projected near $3,388.88. Watch for continued strength above the $3,330 zone for confirmation.
Chart Analysis: Gold (XAU/USD) – 45-Minute Timeframe
Trend Structure:
The price is moving within a well-defined ascending channel, indicating a strong bullish trend.
Higher highs and higher lows are consistently formed, respecting both the upper and lower bounds of the channel.
Key Observations:
1. Support Validation:
Multiple successful retests of the lower trendline (highlighted with orange circles) show solid demand and trend continuation behavior.
These retests occur with minimal drawdown, suggesting buyers are stepping in confidently at channel support.
2. Bullish Momentum:
The recent price breakout above consolidation (seen around May 24-25) shows renewed bullish interest.
The price is also supported by a trailing green indicator (likely an EMA or a dynamic support line), which the price remains above — a further bullish confirmation.
3. Short-Term Target:
Projected target of $3,388.878 aligns with the upper bound of the ascending channel, making it a logical resistance level.
If this level is breached with strong volume, it could open the door for continuation toward $3,400+.
Chart Analysis: Gold (XAU/USD) – 45-Minute Timeframe
Trend Structure:
The price is moving within a well-defined ascending channel, indicating a strong bullish trend.
Higher highs and higher lows are consistently formed, respecting both the upper and lower bounds of the channel.
Key Observations:
1. Support Validation:
Multiple successful retests of the lower trendline (highlighted with orange circles) show solid demand and trend continuation behavior.
These retests occur with minimal drawdown, suggesting buyers are stepping in confidently at channel support.
2. Bullish Momentum:
The recent price breakout above consolidation (seen around May 24-25) shows renewed bullish interest.
The price is also supported by a trailing green indicator (likely an EMA or a dynamic support line), which the price remains above — a further bullish confirmation.
3. Short-Term Target:
Projected target of $3,388.878 aligns with the upper bound of the ascending channel, making it a logical resistance level.
If this level is breached with strong volume, it could open the door for continuation toward $3,400+.
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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.
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.