The XAU/USD chart indicates that gold has been moving within the $5,060–$5,200 range during the last few trading sessions.
Bullish perspective: the lower boundary of the long-term ascending channel — in place since early 2026 — currently serves as the main support level.
Bearish perspective: the market is facing pressure following comments from President Donald Trump suggesting that the conflict in the Middle East may soon come to an end. Yesterday, the US president referred to the operation in Iran as a “small incursion” and a “short-term” action. These remarks helped calm geopolitical concerns and reduced demand for gold as a safe-haven asset.
XAU/USD Technical Outlook
On the morning of 2 March, while reviewing gold price action after the attack on Iran, we confirmed that the long-term upward channel remained intact. At that time we also:
→ outlined a short-term purple channel;
→ highlighted that the price was trading close to resistance levels;
→ suggested that once the initial emotional reaction faded, gold could pull back, with potential support expected in the $5,250–$5,300 zone.
Later that same day, the market indeed found temporary support in this area (indicated by the blue arrow). However, by 3 March the decline had continued towards the lower boundary of the blue channel.
It is also notable that yesterday’s bearish push (marked by the red arrow) failed to develop further, which may indicate that selling pressure is weakening. As a result, bulls could attempt to regain control of the market. A closer look at the XAU/USD chart suggests that yesterday’s sequence of higher intraday lows may be forming a cup-and-handle pattern.
In the short term, a key test of bullish momentum may occur near the $5,250 level, which corresponds to the breakout area of the purple channel.
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