GOLD → The bulls are back, the market is recovering. Is it 2400?

XAUUSD is testing 2378. For two weeks traders fought for the 2300 area and the bulls won. Favorable fundamental background and technical prerequisites played into our hands.

Earlier we discussed with you the formation of the correction and the formation of the bullish pattern "descending wedge". The breakout of the resistance of the wedge confirmed the end of the correction, after fixing the price above 2300 the market allowed us to get an impulse of almost 700 pips and test the area of 2378.
At the moment the market is still bullish. The favorable fundamental and technical background, together with the fall of the dollar index continues to motivate buyers.
After updating the local high of 2378, a stop and correction is formed. The price may reach 2350-2340 before continuing its way up.

Resistance levels: 2378, 2400, 2417, 2431
Support levels: 2350, 2340, 2327, 2316

2350 plays an important role as it divides the chart into bullish and bearish area. A false breakout is possible, but in general we should watch the price reaction to the liquidity area. Also, the zone of 0.382 and 0.5 Fibo is important. The market is bullish and it is worth prioritizing long positions

Regards R. Linda!

Comment:

All emphasis on 2375-2378. Breakout and consolidation above this area may provoke the price to continue growing

Trade active:

On W1, gold looks very strong and bullish

Trade active:

Since the opening of the session the market has been declining, the price is testing 2340