XAU/USD: Eyeing Pullback After Surge
XAUUSD
Amid current geopolitical tensions,
XAUUSD
has found strong support at the $1800 mark, a significant demand zone since 2020, fueling a robust bullish momentum with potential for new higher highs in the near future. However, the price has encountered resistance at the previous monthly high (PMH), leading to multiple rejections. This suggests a possible retracement following a liquidity grab in the areas around $2020 or $2030. Such a pullback could offer entry opportunities for traders before an anticipated upward movement. The scenario indicates a short-term correction within an overall bullish trend, underlining the importance of market vigilance and sound risk management in trading strategies. Targets: 1990, 1980
** Proceed with caution when selling XAU during current geopolitical tensions and recent bullish trends. Employ strong risk management and consider waiting for potential buying opportunities in the near future.
Trade active
Price after breaking the strong resistance, which I was expecting, I think the price can fall from here.