The daily chart for Gold Spot / U.S. Dollar (XAUUSD) shows a clear uptrend characterized by higher highs (HH) and higher lows (HL). We've recently seen a significant push to a new higher high, but price action now indicates a potential pullback.
Currently, the price is retracing and approaching what appears to be a **major pullback zone**. This zone is further emphasized as a **weekly Fibonacci retracement level**, suggesting a strong area of potential support.
Traders should watch for price action within this zone for potential bullish reversal signals. A successful hold above this level could indicate a continuation of the overall uptrend. Conversely, a break below this zone could signal a deeper correction.
**Key Points:**
* Established uptrend with HH and HL formations.
* Price currently in a pullback phase.
* Approaching a **major pullback zone**.
* This zone aligns with a **weekly Fibonacci retracement level**, increasing its significance.
* Monitor price action within this zone for potential trading opportunities.
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**Disclaimer:** This analysis is for informational purposes only and should not be considered as financial advice. Always conduct your own thorough research before making any trading decisions.
Currently, the price is retracing and approaching what appears to be a **major pullback zone**. This zone is further emphasized as a **weekly Fibonacci retracement level**, suggesting a strong area of potential support.
Traders should watch for price action within this zone for potential bullish reversal signals. A successful hold above this level could indicate a continuation of the overall uptrend. Conversely, a break below this zone could signal a deeper correction.
**Key Points:**
* Established uptrend with HH and HL formations.
* Price currently in a pullback phase.
* Approaching a **major pullback zone**.
* This zone aligns with a **weekly Fibonacci retracement level**, increasing its significance.
* Monitor price action within this zone for potential trading opportunities.
---
**Disclaimer:** This analysis is for informational purposes only and should not be considered as financial advice. Always conduct your own thorough research before making any trading decisions.
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.
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.