XAUUSD: The Upward Channel Remains Defended

On the H1 timeframe, XAUUSD is maintaining a fairly clear short-term uptrend, with the price continuing to move within the upward channel. After touching the resistance zone around 4,363.000, gold experienced a slight correction to the middle of the channel, but the upward structure has not yet been broken.

Notably, the 4,280.600 zone is acting as the nearest support. This area coincides with the previous support base and the Ichimoku zone, so if the price reacts well here, buyers could continue to push XAUUSD back to the nearest peak.

The current news context also slightly favors gold as the USD weakens and US yields cool down following geopolitical developments around the US-Iran conflict. However, since the market is still waiting for the Fed, the sensible strategy is to wait for the price to retrace to support rather than chasing high levels.

Reference Strategy:
BUY: 4,280.600 – 4,300.000
SL: below 4,269.978
TP: 4,363.000

Conclusion: As long as the 4,270 level is not broken, XAUUSD still has a chance to continue its upward trend within the channel.