RunMyBots

Current Price Action: Gold is currently trading at around $3,442, nearing the upper boundary of a well-defined upward-sloping channel. The latest candle shows bullish momentum with a strong close near the daily high, indicating continued buying pressure. Key Observations: Trend Structure: The overall trend remains bullish, with higher highs and higher lows clearly visible. Price is approaching a critical Fibonacci extension level (1.618), which could act as resistance. Channel Dynamics: Price is within a parallel ascending channel. It is currently testing the upper channel boundary, which may either lead to a breakout or a rejection. Support & Resistance Levels: Immediate resistance: $3,442 (Fibonacci extension & channel resistance). Major resistance: $3,500 (ATH - All-Time High). Key support levels: $3,275, $3,114, and $3,057 (marked horizontal levels, also align with Fibonacci retracement zones). Rejection Zones: Historically, price has reversed at similar extension levels. If rejection occurs, a pullback to the midline or lower channel boundary is likely. Forecast: If the current bullish momentum continues and price breaks above the channel resistance, we could see a move toward the ATH at $3,500 and potentially higher. However, if the price faces resistance and fails to break above $3,442–$3,450, a short-term pullback to around $3,275–$3,114 is possible. This would offer a healthier correction within the broader uptrend. The bullish structure remains valid as long as price stays above $3,057.

The current H4 chart structure shows that price has recently broken out of a descending channel and is now trading inside a potential ascending channel. This breakout indicates a possible shift in market sentiment from bearish to bullish. Key Observations: Downtrend Break: The previous bearish channel (highlighted in yellow) has been broken to the upside, suggesting that selling pressure has weakened. New Bullish Channel: Price is now respecting a newly formed upward-sloping channel, indicating buyers are gaining control. Support/Resistance Levels: Strong resistance at $3,430 and the ATH (All-Time High) at $3,500.10. Immediate support near $3,287, followed by a stronger zone at $3,114. Below that, key levels include $3,057 and $2,965. Forecast Scenario: Bullish Case: If price holds above the $3,287 support and stays inside the bullish channel, a retest of the $3,430 resistance is likely. A break above this level could open the path toward the ATH at $3,500. Bearish Case: If price fails to hold the current level and breaks back below $3,287, a move toward $3,114 or even $3,057 becomes probable. A breakdown below these levels would invalidate the bullish channel and could resume the downtrend. Conclusion: The market currently shows early bullish momentum, but confirmation above $3,430 is required for continuation. Traders should watch price behavior closely around support levels to confirm whether buyers can sustain this upward pressure.

Head and Shoulders Break and Retest Downtrend Entry at Retest SL at Right Shoulder TP at lower channel breaking point of support.

We might have identified a down-channel on GOLD on the H1.

We reached the upper level of the support channel. If we break and retest, we can go up even higher, but if we get rejected we might go down to 3200.

GOLD (XAUUSD) is reaching the lower support trendline level which could now become a resistance level if we do not break it.

Supporting Uptrend lines were holding in the last couple of weeks. Gold formed a new supporting area between 2748 and 2789 Addtionally we have and a strong daily support at 2882.

third attempt to get rejected by the resistance zone failed. We broke through!1 month after the charting: broke 3rd time resistance to a new ATH!

Do we end the week with the 3rd rejection on the daily resistance zone?

We see a parallel channel inside a parellel channel. Still massive up-trend support. As for now, GOLD is still consolidating and preparing for the next big move.