Gold: Bullish Momentum Remains, But Caution is Advised - Update for FX:XAUUSD by KlejdiCuni

Gold: Bullish Momentum Remains, But Caution is Advised - Update

Gold: Bullish Momentum Remains, But Caution is Advised

The bullish momentum for gold remains intact, but we must exercise caution.

In the gold analysis I explained yesterday, we can see that gold has already reached two of our targets: 2830 and 2836. The 2830 level was reached twice.

The price is currently testing a very strong zone near 2836 - 2844, which also corresponds with the resistance zone of a larger channel. You have to...

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GOLD reaches a new all-time high at 2845 thus reaching our third target.

As I explained in GOLD analysis, the rest of the red zone was expected. Currently, the price is very overextended and we need to be very careful of any strong sell-off or a normal liquidity release that could push GOLD back down.

It may not happen since the trend is very strong, but given the past performance as I explained it has a higher chance of happening.

Note

Note

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