The bulls won after a tense battle

Gold regained bullish traction and broke above the $2,400 mark, showing some short-term consolidation for now. Technical indicators retreated from extreme overbought levels, suggesting that some decline may be imminent in the short term. However, the possibility of a slide higher is yet to come, as XAU/USD refuses to give up while developing its moving averages on top of that.

Gold is still likely to reach a new record in five years. Fundamental factors driving gold prices include aggressive central bank buying, growing demand from consumers in emerging markets, slow supply growth, and escalating geopolitical tensions.

Gold is at the trendline support level of 2380 and is gradually following the trend to increase. The target is still 2428. If the selling force is strong and breaks the trend, 2363 at EMA 89 will be the first fulcrum for gold.

Support: 2362, 2355, 2322, 2305
Resistance: 2400 2418 2428

Trade active

Trade active:

As analyzed, gold has approached resistance at 2410 and continues to test the trendline

Comment:

The 2400 resistance zone is still a strong resistance zone that gold cannot trade stably above

Trade closed: target reached:

Gold price extends sell-off to test $2,300, US PMIs awaited
Gold price extends correction early Tuesday as the Middle East's woes abate. The pullback in the price of Gold could be attributed to profit-taking, as mentioned by Jim Wyckoff of Kitco News, alongside the risk-on trades. Focus shifts to key US PMI data.

Trade closed: target reached:

FULL TP + 300 pips