Gold Market: Waiting for the Necessary CorrectionHey everyone, Kilian here!
Right now, XAUUSD is at a crucial point. After a strong surge, the price of gold broke through the upper boundary of its channel, but it’s now pulling back. This correction could signal that the buying momentum is starting to fade, hinting at a potential shift in market direction.
If selling pressure increases, it’s likely that the price will test the middle, or even the lower boundary of the channel. This could indicate a deeper correction as the market consolidates before deciding its next move.
For now, we need to closely monitor the price action. If buyers can regain control and push the price back above the previous breakout level, it would be a strong confirmation that the uptrend is still intact. However, if the price continues to slide, we could be witnessing a short-term bearish phase.
I hope your trades are going well. Stay tuned and follow me for more updates and in-depth analysis!
