Gold (XAU/USD) 1H Chart Forecast & Analysis

**Gold (XAU/USD) 1H Chart Forecast & Analysis:**

This chart shows the **1-hour timeframe** of Gold Spot (XAU/USD) with a **trend channel** and **potential price movement projections**.

### **Key Observations:**
1. **Uptrend Channel:**
- The price has been moving within an **ascending channel (blue zone)**, indicating a **strong bullish trend**.
- The recent rally pushed gold near **$3,000**, where it faced resistance.

2. **Projected Movement:**
- A **pullback** towards **$2,977 - $2,946** (support zone) is expected before a **new bullish leg**.
- If this support holds, gold could bounce back toward **$3,020 - $3,040+**.

3. **Support & Resistance:**
- **Resistance Levels:** $3,000 - $3,040
- **Support Levels:**
- **Immediate:** $2,977
- **Stronger:** $2,946 - $2,929

4. **Possible Scenarios:**
- **Bullish Case:** If gold holds support above **$2,977-$2,946**, it could rally towards **$3,040**.
- **Bearish Case:** If price **breaks below $2,929**, a deeper correction toward **$2,900-$2,880** may follow.

### **Trading Plan:**
- **Buy on dips** near **$2,946-$2,929**, targeting **$3,020-$3,040**.
- **Breakout buy** above **$3,000**, with a stop-loss below **$2,977**.
- **Sell below $2,929**, targeting **$2,900-$2,880**.