The XAUUSD chart has broken the descending resistance line that had been in place from May 8 to May 15. Following a pullback to this level, it appears to be resuming its upward trend.
This bullish scenario will be invalidated if the price drops below 3120
This bullish scenario will be invalidated if the price drops below 3120
Trade active
Fortunately, gold has reached the previously identified target, confirming the accuracy of the analysis. It now seems that gold is ready for a correction.My forecast is that gold will rise slightly further, reaching the 3370 to 3386 zone. After that, a correction is expected to begin and may continue over time.
The key downward targets during this correction are:
Target1: 3285~3293
Target2: 3225~3233
Target3: 3183~3204
Stop Loss: Just above 3390
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.