This 1-hour chart of Gold (CFDs on Gold, USD/OZ) highlights a clear bullish price channel, indicating a short-term upward momentum. Price is steadily climbing within the ascending channel, with a projected target of $3035, marked just below a key resistance zone. The Supertrend indicator has recently flipped to an uptrend, reinforcing the bullish bias. However, traders should note the proximity of the Supertrend: Down Trend signal around the $3035 resistance, suggesting potential rejection or consolidation near that level. Ideal for short-term intraday trading opportunities with caution at resistance zones.
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