Given the current global situation, there is a significant bullish trend in the
XAUUSD
market. Therefore, I believe that gold will remain a highly demanded asset. Another week closed with a powerful candle. The market has been moving up without major pullbacks for several weeks now. The next target for gold could be the round level of 2400 and then 2500.
Friday's trading session saw an initial pullback followed by a rapid rebound. Market participants seem to be consistently injecting cash into gold, chasing price and momentum. On the daily timeframe, we have an engulfing candle obsorbing the previous day's range. In this situation I mentioned above, every pullback might be a chance to go long. On the 4H timeframe, the market tested the 2300 key level twice before breaking through it. Therefore, I think it's a pretty significant level to consider. As you can see, it perfectly lines up with the 61.8% Fibonacci golden zone. On Monday and Tuesday, the market can move sideways, or we can expect some pullbacks.
XAUUSD
market. Therefore, I believe that gold will remain a highly demanded asset. Another week closed with a powerful candle. The market has been moving up without major pullbacks for several weeks now. The next target for gold could be the round level of 2400 and then 2500.
Friday's trading session saw an initial pullback followed by a rapid rebound. Market participants seem to be consistently injecting cash into gold, chasing price and momentum. On the daily timeframe, we have an engulfing candle obsorbing the previous day's range. In this situation I mentioned above, every pullback might be a chance to go long. On the 4H timeframe, the market tested the 2300 key level twice before breaking through it. Therefore, I think it's a pretty significant level to consider. As you can see, it perfectly lines up with the 61.8% Fibonacci golden zone. On Monday and Tuesday, the market can move sideways, or we can expect some pullbacks.