Gold Spot (XAU/USD) Analysis: February 4, 2025
The chart highlights a potential ascending channel formation, with key support and resistance zones marked by yellow rectangles.
Key Observations:
Price Action Movement:
The price is currently consolidating around the 2813.77 level, moving between the marked support and resistance zones.
Bullish Scenario (White + Red Arrow):
If the price breaks above the resistance zone (~2830), it is likely to test the upper boundary of the ascending channel (~2850-2860).
Bearish Scenario (White + Red Arrow Down):
Failure to hold the current support (~2800) may lead to a drop toward the next support zone (~2780), aligning with the lower boundary of the channel.
Strategy:
Look for confirmation signals around the resistance or support areas.
Buy opportunity: On a breakout above 2830, targeting 2850-2860.
Sell opportunity: On a breakdown below 2800, targeting the 2780 zone.