Buy XAUUSD Channel Formation

The XAU/USD pair (spot gold) on the M30 timeframe displays a potential buying opportunity due to the presence of a bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.

Key Points:

Bullish Channel: The price has been trading within an upward-sloping channel, characterized by two converging lines: a rising support line and a rising resistance line. This ongoing uptrend signals continued buying pressure.

Recent Price Action: The recent price action shows the price holding above the support line of the channel, indicating continued bullish momentum.
Buy Entry: Consider entering a long position around the current price of 2026, positioned near the support line. This offers an entry point close to potential buying pressure.

Target Levels: Initial bullish targets lie at the previous resistance level within the channel, now acting as potential support: 2046. Further upside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

If Price Breaks the Channel, its Starts Bearish like, Channel Breakout Pattern.

Thank you

Comment:

Weaker US Dollar: The US Dollar has weakened slightly recently, making gold, which is often seen as an inverse asset to the Dollar, more attractive.

Comment:

Now running in Profit