Gold is currently showing strong bullish momentum after successfully breaking out of a well-defined ascending channel.
price is now consolidating just below a key resistance zone around 4,800 ā 4,830. This area has previously acted as a supply zone, but the current price action suggests that buyers are maintaining control and preparing for a potential continuation move.
Potential Scenario: If price successfully breaks and holds above the 4,800 resistance zone, we can expect a strong bullish continuation toward the next target around 4,900+, as indicated by the projected move on the chart.
Risk Scenario: A rejection from resistance could lead to a short-term pullback toward the support zone. However, unless this support breaks decisively, dips are likely to be seen as buying opportunities.