Watch for price action near the upper resistance and trendline.

XAUUSD (Gold vs USD) 1H chart analysis:

📊 XAUUSD 1H Technical Analysis Overview:

The chart shows a clear ascending channel pattern, indicating a short-term bullish trend. Price action is currently respecting the channel boundaries well.

🔹 Key Highlights:

Support Zone: The green horizontal zone around 3,310 – 3,330 represents a strong demand area where price previously reversed.

Resistance Zone: The upper green box near 3,460 – 3,470 marks a significant supply area where potential selling pressure could emerge.
Current Position: Price is trading near the mid-to-upper range of the ascending channel, showing bullish momentum.

🔀 Projection:

Two potential scenarios are outlined:

Bullish Continuation: Price may continue to respect the channel and push towards the resistance zone before reacting.

Bearish Reversal: If price fails to break higher and shows weakness, a breakdown below the channel could lead to a sharp move toward the lower demand zone (3,310 area).

📌 Outlook: Watch for price action near the upper resistance and trendline. A break above may lead to further gains, while rejection or bearish candlestick patterns could confirm a potential reversal setup.