Gold is making a move.
On the H1 chart, XAUUSD has just broken out of a descending channel that capped price since August 24th. After testing lows near $4,575, bulls stepped in and pushed Gold back above key support at $4,597.75.
Current price: $4,603.57
Key level flipped: $4,597.75 is now support
Next resistance: $4,716.32 — marked by the top of the previous channel
What the chart shows:
Gold formed a clear falling wedge/parallel channel between Aug 21–26
The breakout on Aug 26 reclaimed $4,597 and is now holding
A "BUY 0.87" level is marked at $4,603, suggesting traders are looking for continuation
If momentum holds, the next target is a move toward $4,716
A daily close above $4,600 would confirm the breakout and open the door for Gold to retest the $4,716 zone. Failure to hold $4,597 could send price back into the channel.
All eyes now on whether bulls can flip resistance into support and push for new weekly highs.
Not financial advice. Trade with proper risk management.
#Gold #XAUUSD❤️ #Forex #Commodities #GoldBreakout
