XAUUSD time for a correction? 🦐Gold has been in a bullish trend, however the recent price action suggests that the momentum is losing steam and the price is trading above the 1900 area support. This can be seen as a sign of consolidation or a potential pullback.
Traders should keep a close eye on the 1900 level, as a break below this support could signal a larger pullback. On the other hand, if the price holds above the 1900 support and continues to climb, it could indicate the continuation of the bullish trend.
The market has recently taken the liquidity above a minor resistance with an upward trend move, which as i said is a bullish signal however traders should also be prepared for potential corrections in the market. If the price breaks below the support level, it could signal a pullback or correction, and traders may consider taking a short position to capitalize on this potential downturn.
We will wait for confirmation from the Plancton's strategy to eventually set a short order in the market.
