Today's Market Analysis $XAU :
Gold has been moving sideways for 22 days and is nearing a turning point. I lean bullish. There are just three reasons: central banks continue to buy gold, ETF inflows are supporting prices, and the medium- to long-term outlook has a solid floor.
The chart shows a bottoming accumulation pattern. A breakout above the 4220 neckline would be bullish, and a pullback to the 4112–4080 area could offer an opportunity to go long. Previously, gold moved sideways for 39 days before breaking upward. Once this consolidation ends, I still expect prices to move higher.
Gold has been moving sideways for 22 days and is nearing a turning point. I lean bullish. There are just three reasons: central banks continue to buy gold, ETF inflows are supporting prices, and the medium- to long-term outlook has a solid floor.
The chart shows a bottoming accumulation pattern. A breakout above the 4220 neckline would be bullish, and a pullback to the 4112–4080 area could offer an opportunity to go long. Previously, gold moved sideways for 39 days before breaking upward. Once this consolidation ends, I still expect prices to move higher.
