Gold (XAU/USD) is trading at $3,330, pulling back slightly after testing the top of an ascending channel. Price briefly pierced the $3,346 resistance level but failed to close above it, leaving a potential rejection wick that could signal short-term hesitation.
The 50-EMA at $3,274 and the 200-EMA near $3,265 remain supportive beneath, reinforcing the bullish structure as long as higher lows hold. Key levels to watch include immediate resistance at $3,346 and support at $3,302.
A daily close above the top of the channel could target $3,379 next, but if momentum fades, a pullback toward $3,302–$3,265 looks probable. Gold remains bullish but overextended in the short term.
