From a technical perspective, the overnight pullback from a two-week top shows some resilience below the 23.6% Fibonacci retracement level of the move up from the monthly low touched last week. Adding to this, oscillators on hourly/daily charts are holding in positive territory, suggesting that the path of least resistance for the Gold price remains to the upside. Some follow-through buying beyond the overnight swing high, around the $3,346 area, will reaffirm the constructive outlook and allow the XAU/USD pair to reclaim the $3,400 round figure.
Trade active
1 support hit 110 pips done 👍Trade closed: target reached
XAUUSD buy signal Note
All target hit 220 pips done Note
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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.