Gold Price Analysis: XAU/USD bulls cheer immediate rising channel, aim for $1,753

• Gold prices print four-day winning streak to probe $1,740.
• A four-day-old ascending trend channel formation and sustained trading above 200-HMA keeps buyers hopeful.
• Channel’s resistance line can question the immediate upside.
• $1,710 offers key support ahead of Wednesday’s low.

Gold prices hold onto the previous day’s gains while taking the bids near $1,740.26 during the early Asian morning on Tuesday. The yellow metal portrays a short-term bullish chart formation on the hourly chart while also being above 200-HMA.

As a result, the buyers are likely to keep the reins, which in turn could push the quote towards the said channel’s upper line, near $1,753.00.

In a case where the prices remain solid beyond $1,753, the previous month’s top near $1,765.40 could lure the bulls.

On the downside, the metals declines below the channel’s support of $1,730.60 will need validation from a 200-HMA level of $1,727.45.

In doing so, the bullion sellers may target $1,710 ahead of aiming the May 27 bottom surrounding $1,694/93.

Gold hourly chart

Trend: Bullish