XAU/USD Market Update
Gold is currently trading around the level of $4,320 – $4,340.
Having risen sharply at the beginning of the week and approaching the level of $4,350 – $4,370, gold is facing resistance and consolidation at the moment. The price holds well above the key level of $4,300.
Some observations:
• A powerful rally began from the lower levels of August, namely from the area of $4,050 – $4,100
• Gold reached a local peak at the level of $4,350 – $4,370
• The price consolidates now in the context of a short-term correction
• The overall trend remains bullish in the broader time frame
The current correction/downward correction/downward impulse is viewed by traders as a pause for consolidation after a powerful rally, rather than the beginning of a significant decline.
Gold needs to close above the level of $4,300 in order to resume its growth and begin a new wave of the uptrend. On the other hand, there is a possibility of a more significant short covering.
What is your view on trading gold in the current environment? Would you consider buying dips or waiting for a stronger signal?
#XAUUSD #Gold #XAU #Commodities #trading $XAUT
Gold is currently trading around the level of $4,320 – $4,340.
Having risen sharply at the beginning of the week and approaching the level of $4,350 – $4,370, gold is facing resistance and consolidation at the moment. The price holds well above the key level of $4,300.
Some observations:
• A powerful rally began from the lower levels of August, namely from the area of $4,050 – $4,100
• Gold reached a local peak at the level of $4,350 – $4,370
• The price consolidates now in the context of a short-term correction
• The overall trend remains bullish in the broader time frame
The current correction/downward correction/downward impulse is viewed by traders as a pause for consolidation after a powerful rally, rather than the beginning of a significant decline.
Gold needs to close above the level of $4,300 in order to resume its growth and begin a new wave of the uptrend. On the other hand, there is a possibility of a more significant short covering.
What is your view on trading gold in the current environment? Would you consider buying dips or waiting for a stronger signal?
#XAUUSD #Gold #XAU #Commodities #trading $XAUT