As previously explained, I believe XAU/USD is poised for a significant decline, and I indicated my sell zone between 2505 and 2510.
However, after the initial drop from this zone, Gold found strong support at the 2500 level, which led me to close my sell position.
Looking ahead, at this moment, the price seems well-bid and is steadily rising within a channel. Channels often signify the final leg of a move before a reversal, but confirmation is needed.
This confirmation would come from a drop below the established inflection zone around 2505 level.
If this happens, the 2475 zone will likely be exposed again, with a potential move further down to 2440.
Until then, in the short term, the price outlook remains bullish.
Short-term traders may look to buy on dips, anticipating a potential new all-time high following today's inflation data release.
However, after the initial drop from this zone, Gold found strong support at the 2500 level, which led me to close my sell position.
Looking ahead, at this moment, the price seems well-bid and is steadily rising within a channel. Channels often signify the final leg of a move before a reversal, but confirmation is needed.
This confirmation would come from a drop below the established inflection zone around 2505 level.
If this happens, the 2475 zone will likely be exposed again, with a potential move further down to 2440.
Until then, in the short term, the price outlook remains bullish.
Short-term traders may look to buy on dips, anticipating a potential new all-time high following today's inflation data release.
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🎯 Want More Trading Ideas?
📈 Join the FREE Forex & Gold Channel
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💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
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💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
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