Mihai_Iacob

Is XauUsd ready to correct?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As you may know, I've been extremely bullish on XAUUSD and have been anticipating this move to an all-time high since the $2,000 mark.

However, at this juncture, the upward movement appears to be significantly overextended. Following the break above $2040, we've witnessed a near-vertical ascent, now entering the fifth consecutive day of gains.
It's essential to remember that no tree grows to the sky, and the same principle applies to Gold. Nevertheless, attempting to fade such a robust trend carries substantial risk, making it advisable to await a correction and consider buying on dips.

From a technical standpoint, we find ourselves at all-time highs with no resistance in sight. The potential for a blow-off top is quite high under these conditions.
On the downside, $2140 serves as the initial support level, followed by the critical zone between $2115 and $2125.

Despite these considerations, my bullish outlook remains strong, and I am actively seeking opportunities to buy on dips.






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