Gold (XAU/USD) is trading within an ascending channel

Gold (XAU/USD) is trading within an ascending channel, currently testing the upper boundary near $2,930. This level has historically acted as resistance, suggesting potential for a pullback. Analysts recommend caution, advising against chasing long positions at these highs. A prudent strategy involves waiting for a retracement to support levels around $2,820 before considering new long entries. Conversely, a decisive breakout above $2,930, confirmed by sustained price action, could signal further upside toward the psychological level of $3,000. Traders are advised to monitor these key levels and await confirmation before making trading decisions