Gold has formed a higher low

9 mai

In my Monday commentary, I stated that there is a high likelihood that XAUUSD may have finished correcting, and indeed, the price rose to around 2330.
After this initial increase, there was a subsequent drop, but bulls regained control just above the 2300 mark.

Yesterday's price movement indicates that dips are being bought, suggesting that Gold has established a second base, which is higher than the previous one.

Confirmation of an upward trend will occur with a break above 2320. In such a scenario, I anticipate the continuation of the upward movement towards the resistance zone at 2360.

My outlook remains bullish as long as yesterday's low remains unbroken.

9 mai

Note

Closed position with a small 40 pips profit.
The price is keep reversing from 2320 resistance which is not good for bulls

9 mai

Note

Although I don't usually trade breaks on Gold, I did this time, entered on a break of resistance.
Now the trade is running with 80 pips profit and it looks like it will also break the recent high.

9 mai

Note

Very strong daily close for Gold bulls.
2365 zone is almost sure to be touched (as sure as something can be in trading:) )

10 mai

Note

Bulls should be careful from now on, 2360 zone resistance is close and from bottom to the top XauUsd has risen 500 pips in 2 days.

11 mai

Note

XauUsd reached the target and even exceeded it.
However, in the short term it looks like a correction is looming.
A break under Friday's intraday low would confirm the start of this correction and in this instance, the door is open for a drop to 2330 support