Gold Update – Correction Complete, Acceleration Ahead?1. Yesterday’s setup
In yesterday’s update, after reviewing Gold in other currencies and concluding the bigger picture remains bullish, I pointed out that on XAUUSD a correction was normal after Friday’s huge rise. I highlighted the 3350 zone as the level where bulls should look for opportunities.
2. What happened overnight
Overnight, Gold delivered exactly that: a violent drop into 3350, immediately followed by an even more violent reversal that erased the move and spiked price up to 3385.
3. Current situation
At the time of writing, XAUUSD is trading around 3375. With the 3350 low now in place, we can reasonably consider the correction complete.
4. Key levels ahead
For a true bullish confirmation, clearing the 3380–3390 zone is essential . If this breakout occurs, I believe the 3400 level won’t act as much of a resistance, but rather as a point of upward acceleration.
5. Trading plan
My bullish view is unchanged. Buying dips against 3350 remains the strategy. For targets, a reasonable objective — if 3380–3390 gives way — is the 3450 zone.
6. Final note
Gold has shown its hand: buyers are here, defending the key level. Now it’s about confirmation above resistance — once that happens, momentum could take us higher, faster. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
