XAUUSD: Ascending Channel Holds – Gold Ready to Move Higher

Apr 9

Hello everyone, here is my breakdown of the current XAUUSD setup.

Market Analysis

Gold previously traded inside a downward channel, forming lower highs and confirming bearish pressure. After a breakout, price entered a consolidation range, showing accumulation before the next move. Following this, XAUUSD shifted into an ascending channel, forming higher lows and signaling a recovery phase.

Currently, price is holding above the 4,700 support zone and approaching the 4,800 resistance zone, while maintaining structure within the ascending channel. This indicates building bullish momentum.

My Scenario & Strategy

As long as XAUUSD holds above the 4,700 support and respects the ascending channel, the bullish bias remains valid. A breakout above the 4,800 resistance could trigger continuation toward higher levels (TP1).

However, if price breaks below 4,700, the bullish scenario would weaken and a deeper pullback could follow.

That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.

Apr 10

Trade closed: target reached

We can see that the price has already reached our target and the sellers have already reacted. The price will be strong at these levels consolidating before the next move.