XAU/USD : Possible Correction Ahead? (READ THE CAPTION)
By analyzing the gold chart on the 30-minute timeframe, we can see that after yesterday's last analysis, the price corrected to $2858 as expected. However, it quickly rebounded, surging 240 pips to reach a new all-time high at $2882!
Today, we finally witnessed some correction from $2882 down to $2848, and gold is currently trading around $2868. If the price manages to stabilize below $2873.5 and experiences a strong rejection from this level, we might even see a correction down to levels below $2850.
With increased market volatility and key macroeconomic events on the horizon, traders should stay cautious. Price action around these levels will be critical in determining the next move, as gold continues to react to fundamental drivers such as inflation data and geopolitical developments. Monitoring price behavior near support and resistance levels will be essential for identifying potential trade opportunities.
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Today, we finally witnessed some correction from $2882 down to $2848, and gold is currently trading around $2868. If the price manages to stabilize below $2873.5 and experiences a strong rejection from this level, we might even see a correction down to levels below $2850.
With increased market volatility and key macroeconomic events on the horizon, traders should stay cautious. Price action around these levels will be critical in determining the next move, as gold continues to react to fundamental drivers such as inflation data and geopolitical developments. Monitoring price behavior near support and resistance levels will be essential for identifying potential trade opportunities.
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
Trade active
By analyzing the gold chart on the 30-minute timeframe, we can see that, as expected, the price started declining from the $2870 level yesterday, delivering an impressive 350-pip drop to $2834. Upon reaching this significant level, gold found strong demand and rebounded back to the $2870 zone. Currently, the price is trading around $2866, with the NFP report set to be released in an hour.
If the NFP data comes in higher than expected, we could see a bearish move in gold, whereas a weaker-than-expected NFP report would likely fuel gold’s bullish momentum. I highly recommend avoiding trading 30 minutes before and after the report to allow the market to stabilize.
Additionally, the break or rejection of the $2870 level will be crucial in determining the next directional move. Stay cautious and trade smart!
This analysis will be updated based on market developments!
Trade closed: target reached
By analyzing the 30-minute gold chart, we can see that, as expected from Friday’s analysis, gold started its decline from $2870, correcting down to $2852. After reaching this level, gold rebounded strongly, ultimately setting a new record high at $2907 today!
Currently, we observe a Liquidity Void (LV) between $2854 and $2903, which may get filled in the coming weeks or months. However, at this moment, there are no clear signs of a price correction on the chart. As always, to get a high-probability gold analysis, we need to wait for confirmation of a potential correction (which we don’t see yet).
This analysis will be updated, and we’ll follow the price action step by step!
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Related publications
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.