#XAUUSD 1H

Trend Analysis:
• Gold is moving within a well-defined ascending channel (highlighted in yellow).
• The price has maintained higher highs and higher lows, confirming the bullish trend.

Key Levels:
• Resistance Zone:
• 2,950 region – Price is currently testing this level.
• 3,034.558 – Major resistance level, potential target if price breaks above the current zone.
• Support Zones:
• 2,942 - 2,944 (Immediate support) – A minor retracement area.
• 2,920 region – Strong demand zone where price previously bounced.

Market Structure & Price Action:
• Short-term: The price is consolidating near resistance, showing signs of accumulation or potential breakout.
• Breakout Scenario: If Gold breaks and holds above 2,950, it could rally toward 3,000+ levels.
• Rejection Scenario: Failure to break could lead to a pullback toward the 2,920 support.

Conclusion:

Gold remains bullish within the channel. A confirmed breakout above 2,950 could trigger further upside, while rejection may lead to a short-term pullback. Monitoring price action at key levels is crucial for the next move.