Gold Spot / U.S. DollarUpdated XAU--USD My Current Idea For Gold
GOLD is making a notable move towards 2612, yet we find ourselves at peak levels with limited historical context, primarily from the last 2-3 days. This calls for a cautious approach, as we may experience significant retracements back to key liquidity zones.
The recent stabilization of the US dollar could have repercussions for gold investors. This development may trigger profit-taking activities, especially after the recent bullish rally. Additionally, upcoming macroeconomic data from the US and Fed Chairman Jerome Powell’s anticipated speech next week could further influence market sentiment. Despite a generally subdued downtrend, there's a heightened focus on localized liquidity and support levels, as traders remain wary of external factors, including trends in Asian markets and policy signals from the Bank of Japan.
Should gold manage to consolidate above the 2612 mark, it could pave the way for a swift ascent towards 2626. Nevertheless, it’s crucial to stay alert for potential deep pullbacks or corrective phases as traders might engage in profit-taking, which could act as a precursor to further upward movement. A corrective phase might not only provide a necessary breather but also set the stage for sustained growth in the future.
The recent stabilization of the US dollar could have repercussions for gold investors. This development may trigger profit-taking activities, especially after the recent bullish rally. Additionally, upcoming macroeconomic data from the US and Fed Chairman Jerome Powell’s anticipated speech next week could further influence market sentiment. Despite a generally subdued downtrend, there's a heightened focus on localized liquidity and support levels, as traders remain wary of external factors, including trends in Asian markets and policy signals from the Bank of Japan.
Should gold manage to consolidate above the 2612 mark, it could pave the way for a swift ascent towards 2626. Nevertheless, it’s crucial to stay alert for potential deep pullbacks or corrective phases as traders might engage in profit-taking, which could act as a precursor to further upward movement. A corrective phase might not only provide a necessary breather but also set the stage for sustained growth in the future.
Note
Watching the price...Trade closed: target reached
The price was as I expected. It's great :)
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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.