On the 1-hour chart, XAUUSD is clearly moving inside a well-defined ascending price channel, with price respecting both the channel boundaries and the midline as dynamic support/resistance. The pair continues to print higher highs and higher lows, confirming short-term bullish structure.
Trend Channel: Since July 18, gold has been steadily climbing within an ascending channel, bouncing off the lower boundary and riding above the midline.
EMA Support: The 10-period EMA (purple) has been acting as a dynamic support. Price has yet to close below it during this bullish swing.
Candle Behavior: Recent bullish candles with strong bodies show that buyers still have control, although price is stalling near the upper boundary of the channel.
Technical Level
3,459 USD. Major Resistance. Top of the channel – potential reversal or take-profit zone
3,423 USD.Immediate Support. EMA10 and current consolidation area
3,400 USD. Mid-Channel Support. Key pullback zone if price rejects near highs
3,360 – 3,365 USD. Major Support. Bottom of the ascending channel – break may invalidate bullish setup
Scenario 1 – Buy the Dip (trend continuation):
Wait for price to retest the 3,400 – 3,410 USD area or EMA10.
Look for bullish confirmation (e.g., pin bar, bullish engulfing).
Target: 3,445 – 3,459 USD
Stop loss: below 3,395 USD
Scenario 2 – Short at Channel Top (mean-reversion setup):
Monitor price behavior near 3,455 – 3,459 USD resistance.
If bearish reversal candles appear (e.g., shooting star, bearish engulfing), consider shorting.
Target: 3,420 – 3,410 USD
Stop loss: above 3,465 USD
As long as price remains inside the rising channel, buying pullbacks is the preferred strategy.
Stay alert to macroeconomic catalysts (Fed comments, PMI data, labor market releases) that could increase volatility.
Gold remains in a strong short-term uptrend on the 1H chart. Trading in the direction of the trend with proper risk management continues to offer the best opportunities for intraday traders.
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