Hello dear traders!
Overall, XAUUSD is trading exclusively in a bull market. It has now leveled off after the market’s previous surge in the growth channel, with a correction likely to test before further growth. The steady uptrend on the 1h timeframe remains stable suggesting a very positive bullish outlook with a continuation target at $2400.
Accordingly, gold yesterday approached 2,400 USD and quickly dropped due to pressure. However, the uptrend remains intact on almost every timeframe. Based on the activity of active buyers, I expect the uptrend to continue growing. The only news today is the speech of the head of the Fed, it is expected that from 2385 USD we can see a price correction aimed at potential accumulation before further growth. Currently, the strongest support is seen at the $2365 mark, expect a recovery from here, where the price is reacting to the downside (indicated on the chart).
Fundamentally and technically, the market is showing positivity so we can expect a wave of price increases. And you, do you agree with me?
