On the other hand, gold (XAU) is correcting from the strong resistance at $2,790 and consolidating within the ascending channel. Low liquidity and reduced risk appetite have limited major moves, but the precious metal remains supported by persistent inflation and geopolitical uncertainties. Gold prices recovered from support around $2,540 after correcting at $2,790 resistance, but upside momentum remains within this range. Meanwhile, silver (XAG) is mirroring gold’s subdued action, keeping its price at key levels. The metal faces resistance due to economic uncertainty and demand fluctuations. However, persistent geopolitical risks continue to make silver attractive as a safe haven.
Gold (XAU) Technical Analysis
Gold daily chart – rising channel
The daily chart for gold shows the price trading within an ascending channel. The price encountered resistance at $2,790, near the upper limit of the channel, and corrected downwards towards the channel support. This support level, intersected by the red-dotted trendline, triggered a strong recovery from the $2,540 zone. Currently, gold is consolidating within the range defined by the ascending channel.