XAUUSD
Hello Traders! 👋
What are your thoughts on Gold?
After a strong and uninterrupted rally, Gold reached the upper boundary of the ascending channel and faced a sharp rejection, triggering a deep corrective move. Considering the extended bullish move over recent weeks without any meaningful pullback, such a correction was technically expected.
Price is currently undergoing a corrective phase. We expect the market to continue its decline after a pullback to the broken level and the highlighted resistance zone. The minimum downside target remains the lower boundary of the ascending channel.
As long as price remains below the broken resistance, corrective pressure is likely to persist.
A move toward the channel support is the primary scenario.
In case of a decisive breakdown below the channel floor, the next marked support zone will become the following downside target.
The broader trend is still bullish, but in the short to medium term, deeper correction phases should be expected.
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