Gold's Next Move: Will It Rebound to $2720 After a Pullback?

Oct 12

This analysis offers an exploration of XAUUSD (Gold) price fluctuations. Recently, Gold traded at approximately $2400—a crucial support level—and subsequently commenced an ascent within a broadening wedge formation. After surpassing the $2400 threshold, it corrected toward the support line of the wedge; however, it then surged upwards, breaking the $2635 mark. The price later encountered the resistance line, but it has since begun to decline. I anticipated that Gold might retreat to the support line of the wedge before rebounding and transcending $2635 once more, aiming for $2720.

Oct 17

Trade closed: target reached

🌟 Gold precisely hit the target (The top of the white arrow.). Only it retraced a bit, but the profit is in. Cheers if you followed the analytics. Take care!