Gold (XAUUSD): Jumped! Latest Update - Analysis, Forecast & Plan

Traders,

Current state:
1. Gold has reached the higher supply zone of 1874 which we found in our weekly analysis. But 1875 is a better level
2. Higher levels are at the top which lead in to 1880-1900 area or even slightly higher above the round number

Expectations:

Bearish scenario:

1. I am expecting Gold to take a correction from this supply zone. This may not be that easy because of the recent momentum. So consolidation may occur.
2. There is a gap left at 1842 level so Gold may revisit the lower FCP zone and that level. This should act as support now.
3. All the horizontal lines lower than the current price will act as support so I am shorting I will look for profit taking and opening new positions at these levels.
4. We may have to wait for another day or even this week close

Bullish Scenario:

1. If I get a good confirmation above 1875 then I will look for a long position leading into higher levels as marked. Gold as I have maintained is super bullish on multi year time frame and if gold revisits 1900 and goes beyond that it will turn bullish again for new all time highs. But before that the gap at 1842 level needs to be closed so I am at the moment more bearish (at least once)

Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too

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Take care and trade well
-Vik

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📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
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