Gold - Still preparing a healthy correction!

May 6

📢Gold (XAUUSD) still remains quite bearish:

🔎Analysis summary:

Looking at the higher timeframe, Gold still remains in a clear bullrun. But simultaneously, Gold is totally overextended after a strong rally of +250%. A correction remains quite likely, considering that Gold recently retested a very long term resistance trendline.

📝Levels to watch:

$5,000

🙏🏻Keep your #LONGTERMVISION – Phil

May 13

Trade active

📢Gold (XAUUSD) is clearly shifting bearish:

🔎Analysis summary:

Gold has been consolidating for over four months now. And looking at the higher timeframe, this was totally expected after the retest of major resistance. While Gold could even create another bullish push higher, the trend is slowly but steadily reversing.

📝Levels to watch:

$5,000

🙏🏻Keep your #LONGTERMVISION – Phil

May 21

Trade closed: target reached

📢Gold (XAUUSD) is nicely heading lower:

🔎Analysis summary:

For the past five months, Gold has overall been consolidating quite nicely. And this is usually a sign that big institutions are slowly selling their larger positions. After a +250% bullrun, it is simply quite likely that Gold will create a very healthy correction.

📝Levels to watch:

$5,000

🙏🏻Keep your #LONGTERMVISION – Phil