XAUUSD - Weekly Timeframe Correction Inbound?
GOLD has been bullish in the past few weeks based on cues provided by Fed that cut rates are imminent in September. Believe this has been priced in for the bullish rallies we have seen in the past few weeks.
Correction to the bottom of the weekly zone is the next step before GOLD takes another historical high
Confluences I see are:
- Price is at the top of the channel
- GOLD is overbought and DXY has found a strong support zone
-Bearish patterns and huge rejection at the all time high price of 2530
- FED is only confident that they are ready for rate cuts and no indication given as decision is once again data driven
Correction to the bottom of the weekly zone is the next step before GOLD takes another historical high
Confluences I see are:
- Price is at the top of the channel
- GOLD is overbought and DXY has found a strong support zone
-Bearish patterns and huge rejection at the all time high price of 2530
- FED is only confident that they are ready for rate cuts and no indication given as decision is once again data driven
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