The legend in the InstaSpot team!
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XAU/USD is trading around $4,523 within the ascending trend channel formed on the H1 chart. We could expect a technical bounce so that the price could reach the 200 EMA around $4,572.
According to the H1 chart, gold is overbought, so it may have difficulty rising above $4,530 in the coming hours, as the 21 SMA could exert downward pressure.
Gold is likely to return to $4,500 or even $4,580 if the downward pressure continues, potentially reaching the low of May 19th around $4,453.
We observe the formation of a symmetrical triangle pattern on the H1 chart. The instrument is expected to oscillate within this pattern in the coming hours, and we foresee consolidation within this area. Only a decisive break above $4,530 would be a bullish buy signal.
Conversely, a drop below $4,490 could lead to consolidation and a potential fall to $4,453.
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
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