Gold Analysis - Can Buyers Push the Price to $4,250?OANDA:XAUUSD is currently moving within a clearly defined upward channel, with prices consistently adhering to both the upper and lower boundaries of the channel. The recent bullish momentum indicates that the buyers are in control, creating a strong possibility for the uptrend to continue in the near future.
Recently, the price broke through a key resistance level and is now retracing to test it again. If this level holds as support, it will further reinforce the bullish structure, and the next target of 4,250 will become attainable, aligning with the upper boundary of the channel.
As long as the price remains above this support zone, the bullish outlook will remain intact. However, if the support is broken, the bullish scenario could be invalidated, increasing the likelihood of a deeper pullback.
Remember, before making any trading decisions, always confirm your setups and ensure you are managing risk effectively.
