FX.co ★ XAU/USD, GOLD

GOLD has been trading strictly within a descending channel since April, with its boundaries acting as support and resistance lines. Currently, the price is bouncing off the upper channel boundary, and the price level of 4595 is holding back the rise, preventing gold from breaking out and heading towards the next resistance at 4789. Until a breakout occurs, selling on the rebound with a target around the lower boundary at a price level of 4299 remains the optimal option. This area is also suitable for buying on the rebound, overall the situation with this instrument is clear.