After a sharp rally over the past few weeks, XAUUSD has shown signs of a correction. The recent drop suggests that further downside potential remains, with a broader target around the 2900 level.
In the short term, the price zone between 3004–3001 is crucial. If price action shows rejection from this area, we may see a continuation of the intraday move down towards 2966.
However, if the price manages to close above 3016, this could trigger a bullish move towards the 3038–3045 zone, where selling opportunities may arise again.
In the short term, the price zone between 3004–3001 is crucial. If price action shows rejection from this area, we may see a continuation of the intraday move down towards 2966.
However, if the price manages to close above 3016, this could trigger a bullish move towards the 3038–3045 zone, where selling opportunities may arise again.
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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.