breakdown of the setup! Read Caption

This is a 4-hour chart of Gold (XAU/USD) showing a bullish channel with price currently trading near its upper boundary. Here’s a breakdown of the setup:

Market Structure:
Trend: Gold is in a strong uptrend, moving within a well-defined ascending channel.
Current Price: Around $2,998, with a recent high of $3,000.55.
Key Target: A potential bullish breakout targeting $3,020+.
Support Zones: Highlighted between $2,930 - $2,860 as possible retracement levels.
Potential Scenarios:
Bullish Continuation: If price holds above the midline of the channel, a push toward $3,020 - $3,050 could be expected.
Pullback & Retest: A minor correction toward $2,970 - $2,960 before resuming its uptrend.
Deeper Retracement: A stronger pullback could lead to a test of $2,930 or even $2,860, aligning with the lower trendline.
Trading Plan:
Buy on dips if price retests lower support zones within the channel.
Breakout trade above $3,020 could indicate further upside potential.
Risk management: Watch for bearish rejection candles near resistance.
This setup favors bullish continuation, but a short-term pullback is possible before the next leg up. 📈🔥