GOLD: Uptrend Momentum Continue?
Hello everyone! Today i want to share some macro analysis with you!!
1.
Technical: Gold has climbed sharply from its intraday lows. Gold prices had touched a low of around 2643 in Asian trade on Monday. If gold prices break through the first target of 2668, this will pave the way for further big gains in gold prices. $Gold - main 2412(GCmain)$
Gold prices have shown a clear uptrend in the previous few sessions and are close to our first awaited target of 2668, and are now waiting for them to rise further and test the recently recorded high of 2685.5, which is also the next target for gold prices. It should be noted that the stochastic indicator is currently sending negative signals, which could hamper the gold price's mission to achieve the aforementioned uptrend. Gold prices could see some temporary sideways volatility before resuming the bullish trend.
On the contrary, it is quite important that the gold price stays above 2635. in order to continue the expected uptrend; if it breaks below this level, it will push the gold price to a new bearish correction, with the next target located at 2604!
Today, the gold price will trade between the support level of 2640 and the resistance level of 2675. $XAU/USD(XAUUSD.FOREX)$
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https://x.com/TradersXauusd/status/1845741309618946107
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