As per the previous analysis, the XAU/USD (gold) currency pair has been exhibiting a bullish trend, and the sentiment remains extremely bullish for gold in 2023. The ongoing distribution of the US dollar in the market is one of the primary reasons for the bullish sentiment.
From a technical perspective, the price of gold is expected to reach the demand zone, which could potentially serve as a strong support level. After reaching the demand zone, the price is expected to start moving higher towards the higher high (HH) level. It is possible that we could see a new HH being formed soon, possibly within this week or in the near future. This could provide a good opportunity for traders to enter long positions with a view to capturing the potential bullish momentum that may emerge.
Overall, the technical analysis suggests that the XAU/USD currency pair is likely to continue its bullish trend, and traders should continue to monitor the market for potential entry points to capture any potential upside momentum in the pair. The demand zone and the potential formation of a new HH are critical levels to watch, and a break above the HH could signal a further increase in the price of the XAU/USD pair.
Target: 2075 >>>> new HH
From a technical perspective, the price of gold is expected to reach the demand zone, which could potentially serve as a strong support level. After reaching the demand zone, the price is expected to start moving higher towards the higher high (HH) level. It is possible that we could see a new HH being formed soon, possibly within this week or in the near future. This could provide a good opportunity for traders to enter long positions with a view to capturing the potential bullish momentum that may emerge.
Overall, the technical analysis suggests that the XAU/USD currency pair is likely to continue its bullish trend, and traders should continue to monitor the market for potential entry points to capture any potential upside momentum in the pair. The demand zone and the potential formation of a new HH are critical levels to watch, and a break above the HH could signal a further increase in the price of the XAU/USD pair.
Target: 2075 >>>> new HH
