XAUUSD: Continue old strategy, target 300 pips
Hello everyone, let's talk about gold! What do you think will happen to gold in the near future?
Overall, gold decreased slightly but the long-term outlook is still quite positive. It is currently trading at a new high of $2250, after hitting $2265, marking a 0.8% gain on the day. The market growth is very strong, however there is a large area of imbalance forming underneath, which could be liquidated before further growth.
In that case it would be reasonable to expect the price to retest the previously broken channel resistance or even key support before moving further.
Looking ahead: the emergence of some US Dollar (USD) buying helped limit commodity gains, although the aforementioned fundamental backdrop suggests that the path of least resistance for XAU/USD remains bullish.
Technically, using Fibonacci I expect a further correction for potential accumulation before further growth at the 0.618 (2230) and 0.5 (2220) mark.
How about you? Do you think gold has the potential to increase in price in the near future? Let's listen to your thoughts!
Overall, gold decreased slightly but the long-term outlook is still quite positive. It is currently trading at a new high of $2250, after hitting $2265, marking a 0.8% gain on the day. The market growth is very strong, however there is a large area of imbalance forming underneath, which could be liquidated before further growth.
In that case it would be reasonable to expect the price to retest the previously broken channel resistance or even key support before moving further.
Looking ahead: the emergence of some US Dollar (USD) buying helped limit commodity gains, although the aforementioned fundamental backdrop suggests that the path of least resistance for XAU/USD remains bullish.
Technically, using Fibonacci I expect a further correction for potential accumulation before further growth at the 0.618 (2230) and 0.5 (2220) mark.
How about you? Do you think gold has the potential to increase in price in the near future? Let's listen to your thoughts!
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