XAUUSDHello Traders! 👋
What are your thoughts on GOLD?
Gold, after its strong recent rally, is now facing the key resistance area around 3700.
Possible Scenarios:
1️⃣ Scenario One (More Likely):
Given that the market is in an overbought zone, a corrective/ranging move toward the lower boundary of the drawn channel and the marked support area is likely. From there, a new bullish wave could begin, eventually leading to a breakout above resistance and a move toward higher targets.
2️⃣ Scenario Two:
Gold makes only a shallow correction, quickly breaks above the resistance zone, and continues its bullish momentum toward higher levels.
Due to the current overbought conditions, Scenario One (correction before continuation) is more probable. However, the overall trend remains bullish as long as key support levels hold.
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