Hi!
The Gold chart shows a well-defined ascending channel that has been guiding price action since early April. Following a recent rejection at the local resistance level, we are seeing a corrective move back toward the channel’s lower boundary.
Technical Levels:
Entry Point: The primary buy zone is situated within the green support block between 4,765 and 4,805. A successful retest of this area aligns with the ascending trendline and provides a high-probability entry for the next leg up.
Resistance Targets:
First Target: 4,976 (Previous local peak/Resistance area).
Main Target: 5,129 (Upper boundary of the ascending channel).
Reachable Area: If bullish momentum sustains, the pink supply zone above 5,130 represents the long-term objective for this move.
Outlook: While current price action is cooling off, the structural trend remains bullish. As long as the lower trendline of the ascending channel holds, the path of least resistance points toward the 5,000+ psychological level.