Global Gold Analysis (Daily Time Frame)
Gold is currently trading within a strong ascending channel in the daily time frame, approaching the upper boundary of the channel. If it breaks the resistance range between 2658 and 2686, it is expected to continue rising, reaching new all-time highs.
The key “flip zones” around 2600 and 2570 present valuable buying opportunities for gold, targeting levels of 2777, 2761, and 2830.
If the 2650 level breaks under certain conditions, traders can consider entering sell trades, targeting 2638, 2620, 2600, and 2570.
Gold Analysis (4-Hour Time Frame)
In the 4-hour time frame, gold is also moving within an ascending channel. It recently broke the upper boundary of the channel to the upside but has since pulled back into the channel.
If the 2650 level breaks, there is a possibility of the price dropping to 2638 and further to 2623 and 2614.
Valuable buy zones for gold are at 2628, 2614, 2600, and 2558.