Gold Spot Temporary Bullish Move Followed by a Major Correction
Description:
Based on the current technical analysis of Gold (XAU/USD), the price is expected to make a temporary bullish move (minor wave) before entering a major bearish correction toward key support levels.
Key Observations:
1.Temporary Upside: The price is anticipated to rise toward the resistance level around $2,790, completing the minor bullish wave (marked in purple on the chart).
2.Major Downside: After hitting the resistance, the price is likely to reverse and begin a significant bearish correction, targeting the key support zone near $2,520. This area aligns with previous price clusters and important technical levels.
3.Overall Outlook: The bearish correction could provide a solid opportunity for long-term traders to enter buy positions, as Gold is expected to resume its bullish trend after reaching the support zone.
Strategy:
•Short-Term: Traders may look for buy opportunities during the initial upward move toward $2,790.
•Long-Term: Traders can prepare for buy positions near the $2,520 support level for the next bullish wave.
This analysis is based on current market conditions and technical setups. Updates will follow as new data becomes available. Feel free to share your thoughts or ask questions!
Based on the current technical analysis of Gold (XAU/USD), the price is expected to make a temporary bullish move (minor wave) before entering a major bearish correction toward key support levels.
Key Observations:
1.Temporary Upside: The price is anticipated to rise toward the resistance level around $2,790, completing the minor bullish wave (marked in purple on the chart).
2.Major Downside: After hitting the resistance, the price is likely to reverse and begin a significant bearish correction, targeting the key support zone near $2,520. This area aligns with previous price clusters and important technical levels.
3.Overall Outlook: The bearish correction could provide a solid opportunity for long-term traders to enter buy positions, as Gold is expected to resume its bullish trend after reaching the support zone.
Strategy:
•Short-Term: Traders may look for buy opportunities during the initial upward move toward $2,790.
•Long-Term: Traders can prepare for buy positions near the $2,520 support level for the next bullish wave.
This analysis is based on current market conditions and technical setups. Updates will follow as new data becomes available. Feel free to share your thoughts or ask questions!
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