XAU/USD Price Analysis: Upside Potential Amidst Recent Lows
Hello Everyone,
The price of XAUUSD has recently reached a new low for both the one-week and one-month periods, settling at 1984.30, just above the three-month low of 1965.455. However, it's important to maintain perspective: when analyzing the daily timeframe and extending out to the yearly perspective, gold remains a strong buy.
While it's true that gold is currently overbought on higher timeframes, caution is advised but upside potential is still expected. Notably, the price has thoroughly tested the monthly support structure and closed above the one-year Pivot Point (PP), which is a positive indicator of price behavior.
Moving forward, what we're seeking from the price action is for it to establish a comfortable position above both the one-year PP and the daily PP to signal a continuation of the upward trend.
TradeWithTheTrend3344
The price of XAUUSD has recently reached a new low for both the one-week and one-month periods, settling at 1984.30, just above the three-month low of 1965.455. However, it's important to maintain perspective: when analyzing the daily timeframe and extending out to the yearly perspective, gold remains a strong buy.
While it's true that gold is currently overbought on higher timeframes, caution is advised but upside potential is still expected. Notably, the price has thoroughly tested the monthly support structure and closed above the one-year Pivot Point (PP), which is a positive indicator of price behavior.
Moving forward, what we're seeking from the price action is for it to establish a comfortable position above both the one-year PP and the daily PP to signal a continuation of the upward trend.
TradeWithTheTrend3344