Gold- Continue to trade in the long-term upward channel

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In general, gold continues to move sideways in the 2185-2150 range, without too many significant fluctuations. It is currently trading around the $2,170 mark, marking a 0.05% decline on the day. Amid strengthening dollar index, pressure from 2185-2180 resistance appears on gold.

XAUUSD set a new peak last week after Fed Chairman Jerome Powell said the US Central Bank still has the ability to reduce interest rates by three-quarters of a percentage point in 2024. In addition, statements from a series of Fed officials This week is also expected by the market.

Gold on H4, has now leveled off after the previous strong decline, with strong support level at 2160-2165 USD respectively. A breakout will result in a significant price decrease, while a maintenance will result in an increase in price. The H4 setup shows strong resistance from the market. In case it breaks above the $2185 resistance and consolidates above it, we can expect a positive long-term fundamental.

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