Get started
Gold Spot / U.S. Dollar
Long

Gold- This correction should be bought

By Mihai_Iacob
Updated
In my comment yesterday, I speculated about the nature of the breakout, as it had been clear after a month of testing the all-time high (ATH) that an upward move was imminent. The breakout was strong, suggesting more gains and new ATHs in the future. The new ATH is now set at 2570, and the price is currently undergoing a normal correction.

While the old ATH provides support, I don't expect a retest today or early next week. Therefore, short positions aren't advisable. Instead, look for buying opportunities around the 2550 level, given the market's strong bullish momentum.
Trade active
So far, dips have been bought.
Selling is very risky now

snapshot
Chart PatternsTechnical IndicatorssignalprovidersignalssignalserviceTrend AnalysisXAUUSDxauusdanalysisxauusdsignalxauusdupdates
Mihai_Iacob
🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai

Related publications

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.