Peter Smith
⬤ Gold prices pushed higher this week, with XAU/USD continuing to move inside a well-defined rising channel. The bullish structure stays intact, and short-term conditions still favor upward movement. The latest charts show price action respecting both the ascending support and resistance lines, keeping the steady upward path that's been in place for weeks now.
⬤ The pattern shows XAU/USD forming higher lows along the channel's lower edge, pointing to consistent buying pressure. After several pullbacks toward mid-range support, gold has bounced back toward the upper trendline each time. The next major resistance zone sits between $4255 and $4260, where the price reacted before. Meanwhile, support clusters around $4175 to $4190, matching up with the rising channel base and recent consolidation zones.
⬤ The price action shows a clear pattern: rising moves followed by controlled pullbacks, which supports the bullish outlook for XAU/USD. In the near term, gold looks ready for another push toward the channel's upper boundary, with that resistance band marking the next important technical level to watch.
⬤ This setup matters because gold's ability to stay within its rising channel shapes broader market sentiment and demand for safe-haven assets. Breaking above resistance could fuel expectations for more upside, while dropping below support might shift momentum and bring some caution into play. For now, XAU/USD keeps following a clear upward path that leaves the short-term outlook positive.
Peter Smith
