Gold (XAUUSD) has been highly profitable after breaking a key resistance level and reaching a new all-time high. The strong bullish momentum has created a parabolic move on the daily time frame (TF), which often signals an impending retracement or correction as the market seeks stability. While the overall trend remains positive, a pullback could occur soon as price action cools down.
On the 1-hour time frame (TF), key support levels are emerging where gold may find temporary stability. The first major support to watch is around $3,080, where the 200 EMA could act as a dynamic support level. If this level fails to hold, a deeper correction could push prices toward the next significant support at $3,050, which has previously acted as a strong demand zone.
Despite the possibility of a short-term pullback, the broader outlook for gold remains bullish, driven by geopolitical uncertainties, inflation concerns, and central bank policies. Traders should closely monitor these support levels to assess potential buying opportunities or signs of a further downward move before the next leg higher.
On the 1-hour time frame (TF), key support levels are emerging where gold may find temporary stability. The first major support to watch is around $3,080, where the 200 EMA could act as a dynamic support level. If this level fails to hold, a deeper correction could push prices toward the next significant support at $3,050, which has previously acted as a strong demand zone.
Despite the possibility of a short-term pullback, the broader outlook for gold remains bullish, driven by geopolitical uncertainties, inflation concerns, and central bank policies. Traders should closely monitor these support levels to assess potential buying opportunities or signs of a further downward move before the next leg higher.
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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.