Buy opportunity

Trade Idea:
Long Entry: Around $2,624 (current level).
Take Profit Targets: $2,667, $2,709, and $2,757.
Stop Loss: Below $2,599 to minimize downside risk.

Gold Price Analysis (4H Chart)
Overview:
The price of gold (XAU/USD) appears to be in a recovery phase after a significant corrective move. The recent uptrend suggests bullish momentum, supported by the breakout from a descending channel and an increase in positive momentum.

Key Observations:
Price Action:

Gold has bounced off the support zone around $2,529, signaling a reversal from recent lows.
The price has broken above a descending channel, confirming a potential trend reversal.
Volume Profile:

High trading activity is observed around $2,580–$2,620, indicating a strong demand zone.
The next major volume cluster is located around $2,667, serving as a potential short-term resistance.
Momentum Indicator:

The Squeeze Momentum Indicator shows a clear transition into positive territory, with green bars strengthening. This suggests increasing bullish momentum.
Fibonacci Retracement:

Key Fibonacci levels at $2,667 (23.6%) and $2,709 (38.2%) are likely resistance levels in the short term.
If these levels are cleared, the price could target $2,757, representing a 5.02% potential upside.