Gold's (xauusd) perspective for starting the week

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Key Observations:

Ascending Channel: Gold is trading within a well-defined upward channel. The recent rejection near the upper boundary confirms resistance at higher levels.

Pullback Underway: The price has shown a pullback from the highs and is approaching the internal trendline around $2,642, which could act as interim support.

Major Support Zone: The key support zone lies between $2,500-$2,550, coinciding with the lower boundary of the channel. This area is crucial for maintaining the bullish structure.

Expected Movement:

• The price may first retest $2,642, followed by another drop to the $2,500-$2,550 support zone.
  
• A bullish bounce from this zone would reaffirm the long-term uptrend.
  
• Bearish Scenario: A break below the $2,500 support zone could invalidate the ascending channel, exposing gold to deeper declines.
  

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تم فتح الصفقة

it starts the downward movement!

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ملاحظة

it is toward the blue area