Gold $XAU is trading inside a clear ascending channel and is likely to stay choppy and range-bound in the short term. Price is currently near the lower boundary, while the 5100 zone remains a strong resistance.
Bullish case: A clean break above 5100 could push price toward the next resistance area, but that zone is expected to act as strong supply and may trigger rejection.
Main outlook: The higher resistance zone is likely to reject price, which could lead to a downside move and a possible breakdown of the channel support. Overall bias remains range-bound first, with higher probability of a bearish breakout later.
Wait for confirmation at key levels and manage risk.
Like and share your thoughts ❤️