Class-Tradinggold

Hello traders, great to see you again in today’s gold market discussion!Currently, XAUUSD is a textbook example of a market trading within a rising channel—clearly indicating ongoing bullish momentum. Price continues to respect the channel structure, forming higher highs and higher lows, a strong sign that the uptrend remains intact. The recent pullback appears to be a healthy correction, potentially setting the stage for another upward leg.Price is now approaching a key support zone marked by the lower boundary of the channel and a previous demand area. If this zone holds, it could offer a powerful re-entry opportunity for buyers. The next bullish target is projected around $3,450, aligning with both the midline of the ascending channel and previous resistance.As long as price stays above the support area and the rising trendline, the bullish scenario remains valid. However, a clear break below this level could invalidate the setup and increase the chances of a deeper pullback.Gold consolidated during the Asian session on Tuesday, hovering below $3,350. Optimism from Trump’s delayed tariff decision on the EU acted as a drag on the safe-haven metal. However, looming U.S.-China trade risks, persistent geopolitical tensions, Fed rate cut bets, and ongoing weakness in the U.S. dollar continue to limit downside pressure.