Gold - The correction is not over yet!

Aug 6

🎉Gold (XAUUSD) is still heading for a final drop:

🔎Analysis summary:

The underlying trend of Gold still remains clearly bullish. But despite the recent correction of about -30%, Gold is still not testing a support level yet. It seems to be quite likely that Gold is first heading for a final -20% correction before creating a major bullish bottom.

📝Levels to watch:

$3,500

Keep your #LONGTERMVISION🙏
— Phil (TheTraderPhil)

Aug 12

Trade active

🎉Gold (XAUUSD) could find a bottom soon:

🔎Analysis summary:

This month alone, Gold is already rallying about +10% so far. And while the shorter term momentum is clearly not bullish yet, Gold is maybe forming a longer term bottom soon. Either here or another -10% lower and Gold is setting up for another parabolic bullrun.

📝Levels to watch:

$4,000 and $3,500

Keep your #LONGTERMVISION🙏
— Phil (TheTraderPhil)

Aug 18

Trade closed: target reached

🎉Gold (XAUUSD) is still not 100% clear now:

🔎Analysis summary:

If we just objectively look at the higher timeframe, Gold is still not clearly bullish yet. And with the recent correction of about -30%, it will clearly take some time to form a bullish bottom. Quite likely therefore that Gold will soon give us another deeper pullback.

📝Levels to watch:

$4,000 and $3,500

Keep your #LONGTERMVISION🙏
— Phil (TheTraderPhil)