Mihai_Iacob

Gold- Correction over and rise to 2060 next?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my post from yesterday, I mentioned the possibility of a correction in the price of $OANDA:XAUUSD.
However, this correction should be viewed as a favorable opportunity to buy at more advantageous prices.
As anticipated, this correction did occur, and as depicted in the chart provided, once the price briefly dipped below the local support, it reversed sharply.

At the time of writing, the price of Gold is hovering around the familiar level of 2030 and appears poised for an upward breakout.
Such a breakout would expose the technical level of 2040.

However, in my opinion, if such an event occurs, we should not anticipate a reversal from that level but rather an ascent towards the next significant level at 2060.

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