Gold could have a new leg of correction

As anticipated, following Friday's NFP report and a new all-time high nearing 2200, XAUUSD has entered a correction phase, with the initial downward movement reaching a low of 2150. Yesterday, the price rebounded from that level, reaching a high of 2180, but is currently retracing.

Given the robust and swift appreciation of Gold's price, we may witness another leg of correction, potentially leading to a drop to 2140. Alternatively, we might observe range trading and consolidation, potentially forming a triangle pattern on our short-term chart.

With the current price at 2167, it is not advisable to initiate trades. However, for aggressive traders, selling opportunities may arise if the price rises back above 2190. Conversely, for swing trend traders, buying opportunities may present themselves if the price drops to 2140.