Buy XAUUSD Channel Formation

The XAU/USD pair (spot gold) on the M30 timeframe displays a potential buying opportunity due to the presence of a bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.

Key Points:

Bullish Channel: The price has been trading within an upward-sloping channel, characterized by two converging lines: a rising support line and a rising resistance line. This ongoing uptrend signals continued buying pressure.

Recent Price Action: The recent price action shows the price holding above the support line of the channel, indicating continued bullish momentum.
Buy Entry: Consider entering a long position around the current price of 2026, positioned near the support line. This offers an entry point close to potential buying pressure.

Target Levels: Initial bullish targets lie at the previous resistance level within the channel, now acting as potential support: 2046. Further upside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

If Price Breaks the Channel, its Starts Bearish like, Channel Breakout Pattern.

Thank you

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Weaker US Dollar: The US Dollar has weakened slightly recently, making gold, which is often seen as an inverse asset to the Dollar, more attractive.

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Now running in Profit