Gold (XAU/USD) has been in a strong uptrend, with bullish momentum pushing prices toward the key $3000 level. However, before continuing higher, a potential correction to at least $2787.20 is expected, offering an ideal buying opportunity.
Key Factors Supporting the Correction:
✅ Overbought Conditions – Current price levels indicate exhaustion, with technical indicators (RSI, MACD) showing possible retracement signals.
✅ Fibonacci & Support Zone – The $2787.20 level aligns with key Fibonacci retracement levels, making it a strong demand area.
✅ Liquidity Grab – A deeper correction may be needed to sweep stop losses before resuming the uptrend.
Bullish Confirmation for $3000+ Target:
After reaching $2787.20, a bullish rejection or strong buying pressure could confirm the reversal.
A break above key resistance at $2850-$2900 would signal trend continuation toward $3000 and beyond.
Fundamental factors like inflation, Fed policies, and geopolitical risks will also play a crucial role.
🎯 Trading Plan:
Entry: Looking to buy near $2787.20 if support holds.
Stop-loss: Below $2750 (to avoid deeper correction risks).
Take Profit: $3000 - $3100 (if bullish momentum resumes).
This setup provides a risk-reward opportunity by catching gold at a discounted level before the next major upside move. 🚀
Key Factors Supporting the Correction:
✅ Overbought Conditions – Current price levels indicate exhaustion, with technical indicators (RSI, MACD) showing possible retracement signals.
✅ Fibonacci & Support Zone – The $2787.20 level aligns with key Fibonacci retracement levels, making it a strong demand area.
✅ Liquidity Grab – A deeper correction may be needed to sweep stop losses before resuming the uptrend.
Bullish Confirmation for $3000+ Target:
After reaching $2787.20, a bullish rejection or strong buying pressure could confirm the reversal.
A break above key resistance at $2850-$2900 would signal trend continuation toward $3000 and beyond.
Fundamental factors like inflation, Fed policies, and geopolitical risks will also play a crucial role.
🎯 Trading Plan:
Entry: Looking to buy near $2787.20 if support holds.
Stop-loss: Below $2750 (to avoid deeper correction risks).
Take Profit: $3000 - $3100 (if bullish momentum resumes).
This setup provides a risk-reward opportunity by catching gold at a discounted level before the next major upside move. 🚀
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.
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.