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4-Hour Chart Analysis
The 4-hour chart reveals that Gold has been moving within an ascending channel, with the price currently testing the upper boundary of this channel. The repeated testing of this upper trendline, highlighted by the red arrows, suggests a strong resistance zone. However, the price action near the daily retest area indicates that a breakout to the upside could occur if the price manages to close above this resistance level. If a breakout happens, the next target could be around $2,540.00 to $2,550.00. On the downside, a pullback towards the daily retest area around $2,500.00 could provide a solid support base.
4-Hour Chart Analysis
The 4-hour chart reveals that Gold has been moving within an ascending channel, with the price currently testing the upper boundary of this channel. The repeated testing of this upper trendline, highlighted by the red arrows, suggests a strong resistance zone. However, the price action near the daily retest area indicates that a breakout to the upside could occur if the price manages to close above this resistance level. If a breakout happens, the next target could be around $2,540.00 to $2,550.00. On the downside, a pullback towards the daily retest area around $2,500.00 could provide a solid support base.
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