Gold hits record highsToday, gold has risen sharply by about 50 US dollars. The single-day increase is very large. Our short order of 2895 96 has only been corrected by 4 US dollars. Next, we will focus on the short-term support 2890 and the short-term pressure 2905/06.
If it falls below 2890, there is a high probability that it will not set a new high tonight. If it stands near 2905, it is necessary to consider the next major pressure area 2916-2920 (area). This position was mentioned before during the callback of the 2876 major pressure area, and it is the second major pressure area.
In addition, there is usually a competition for the 2900 integer level. The probability of completely stabilizing in the short term is not high, and this also needs more attention.
Xauuds
XAUUSD - 1H Pullback phaseXAUUSD has completed its third bullish leg, driven by the recent news of Iran's president's death.
Now, it looks poised to enter a pullback phase. Scalpers can consider taking advantage of sell opportunities during this correction.
However, it's important to remember that selling in a strong bullish trend carries inherent risks. Always use proper risk management strategies when trading against the prevailing trend.
Gold XAUUSD in the medium to long termGold in the medium to long term
I still see the possibility of continuing the current bullish wave to $1450 , especially with the negative pressure expected for the US dollar for the coming period with Fed is awaiting the next economic data and suspending talk about rate cuts
As well as current political tensions
Technically and measured on previous moves the 1450 area represents a Cluster of more than Fibo level and an important target for the current wave
The positive outlook remains valid as long as prices are above $1346