As you may already know from my previous posts, I’m bullish Gold in the medium term. The basis for this outlook can be observed on the weekly chart. XAU/USD experienced a false downward break beneath the 1900 mark, but this, in the end, has become a bullish engulfing candle. This was followed by a breakout above the resistance of a falling wedge pattern, clearly visible on lower timeframes, followed by the break above the horizontal 1930-1935 zone (which I've previously discussed in my analyses).
Now the price is consolidating the recent gains and, considering Gold is facing the major falling trend line of the channel, a correction is not out of the question.
However, as long as the price stays above 1930- now support- bulls hold the upper hand and a sell would be pretty risky.
In conclusion, in my opinion, dips should be bought with a target at around 1980.
Negation comes with a daily close under 1930
Now the price is consolidating the recent gains and, considering Gold is facing the major falling trend line of the channel, a correction is not out of the question.
However, as long as the price stays above 1930- now support- bulls hold the upper hand and a sell would be pretty risky.
In conclusion, in my opinion, dips should be bought with a target at around 1980.
Negation comes with a daily close under 1930
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