Gold (XAUUSD)

Price Action: Gold remains in an uptrend within a rising channel, showing higher highs and higher lows. Recent price stabilized after a quick drop and rebounded with strong bullish momentum on weekly, daily, and 4-hour charts. On the hourly chart, bulls dominate with continuous higher highs and lows.

Support/Resistance Levels:

Support: Around 3111-3107 and a buy zone at 3100-3105 with stop loss near 3093

Resistance: Immediate resistance at 3135-3138, with a sell zone at 3130-3135 and stop loss at 3142

On shorter timeframes, key moving averages MA50 (resistance) and MA200 (support) near 3350-3356 are crucial; a break above these could push gold towards $3360.

SMC & ICT Insights:

The market shows a bullish Break of Structure (BOS) with a strong order block around support zones, suggesting institutional buying interest on dips.

A Change of Character (ChoCH) is visible as price recovered from lows, confirming a trend shift to bullish.

Traders should watch for fair value gaps and order blocks near support for optimal entries, aligning with smart money accumulation before continuation.