Gold Bulls Eye 4,800 After Descending Channel Breakout

May 10

Hello traders! Here is my technical outlook based on the current XAUUSD (4H) chart structure. Gold previously traded within a descending channel. After finding strong support and forming a base, price broke higher and entered a consolidation range. Currently, XAUUSD is trading above the 4,630 buyer zone, which acts as key support, while approaching the 4,800 seller zone. The market is also respecting the ascending support line, and a recent breakout from the short-term descending channel confirms renewed buying momentum. As long as XAUUSD holds above the 4,630 support and respects the ascending trendline, the bullish scenario remains valid. A continuation higher could push price toward the 4,800 resistance level (TP1). Please share this idea with your friends and click "Boost" 🚀

May 11

Trade active

We can see that the correction we were expecting is happening. Next, I hope that buyers will give the expected reaction in the support zone!

May 12

Note

We see that the rebound has occurred and we could reach the indicator 4.770. Then the sellers intervened. So I we have an ascending support line I expect a retest resistance.