FX.co ★ XAU/USD, GOLD

Gold Chart Review: The chart below shows the price of gold. The price is within an ascending channel on the 1-hour chart. The trend in this currency pair could reverse and start to decline at some point, as it did yesterday when it reached the upper limit of this channel (4301.19). This currency pair has temporarily risen above this level, but could reverse and decline again at another point. If the price of gold starts to decline, we expect the price to fall to the lower limit of this channel, 4266.19. When this currency pair reaches this level, the decline will stop, and the price could reverse and start to rise again. Gold is currently in an uptrend. Based on 4301.19 on the gold chart, we should consider buying, so we open a shop. We cancel the stop-loss order at the 4301.19 level.

The current candlestick indicates that volatility could be quite high, so we are confident that the buying trend will continue. It has broken through the descending trendline. We expect to see a move to reach the horizontal resistance level of 4301.19 in the next few days. For buyers, the situation looks favorable as the price needs to break through the horizontal resistance level of 4301.19. This significant rise in gold prices may encounter its first resistance at this level. However, the strong resistance level is slightly above 4301.19, offering an opportunity to take profits or start buying now. The resistance for spot gold is in the resistance zone of 4301.19. It may take several weeks, but we will see the results within that timeframe.