GOLD Builds Strength in Ascending Channel, next at 2,920?

Feb 7

XAUUSD remains within a well-defined ascending channel. This suggests a continuation of the uptrend, with the next target near 2,920, aligning with the upper boundary of the channel.

A short-term pullback could present a buying opportunity, particularly if bullish candlestick patterns like an engulfing candle pattern appears, confirming buyer strength. A decisive move above recent highs could reinforce momentum toward the expected target.

But if we get a break below the channel’s lower boundary, it would invalidate the bullish outlook and signal a potential shift in market direction.

Just my take on support and resistance zones—not financial advice. Always confirm your setups and trade with solid risk management!

Feb 11

Trade closed: target reached