Gold (XAU/USD) Market Outlook
Hello, traders! I’d like to share my perspective on Gold.
By analyzing the chart, we can see that Gold initially traded within an upward channel, reaching the resistance level before making a corrective move downward to the support line. After testing this support, the price rebounded and moved back toward the buyer zone, where it eventually broke out of the channel.
Following this breakout, Gold entered a consolidation phase, briefly pulling back to the, buyer zone before continuing its upward momentum. Soon after, it reached the seller zone, where it remained in consolidation for a while, as this level aligned with the upper boundary of the range.
Eventually, Gold made a correction down to support before reversing back upward. Since then, the price has been steadily rising, confirming the continuation of the uptrend. Given this structure, I anticipate that Gold will retest the seller zone before initiating a decline toward the 2850 support level, which aligns with the lower boundary of the range.
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Xauusd:
Entry: 2905
Tp 1: 2910
Tp 2: 2920
Tp 3: 2930
Stoploss: 2995
Note
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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.