XAUUSD Gold: After correction, a new ATH?
The XAUUSD rose to a high of 2786 on Friday, only 30 pip down than the previous all-time high (ATH).
Bulls may be able to enter the market at more advantageous times because the price is currently in a correction phase.
The area around 2740 is a key confluence support and may be a desirable entry point. The end of the correction and the possibility of a new ATH would be signaled by a reversal from this region and a break back above 2760.
However, the positive view would be halted and caution would be advised going forward if the daily close fell below 2740.
Bulls may be able to enter the market at more advantageous times because the price is currently in a correction phase.
The area around 2740 is a key confluence support and may be a desirable entry point. The end of the correction and the possibility of a new ATH would be signaled by a reversal from this region and a break back above 2760.
However, the positive view would be halted and caution would be advised going forward if the daily close fell below 2740.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.