Gold- Correction over? 2350 zone holds the key

11 Apr

Yesterday, the CPI report revealed higher-than-expected numbers, which triggered a selling spree on XAUUSD, causing the price of gold to drop to 2319 after the release.
However, this downturn was swiftly reversed, and the price hasn't reached the liquidity zone from above 2300 and also the second attempt from bears to push the price in that zone resulted in a higher low at 2325.

Furthermore, upon examining the hourly chart, it's evident that the price movement is well defined by a rising channel, and yesterday's reversal occurred precisely at the channel's support.

While the bulls aren't out of the woods just yet, yesterday's price action indicates that there is still a strong demand for gold.

From a technical standpoint, as mentioned earlier, we observed a reversal from the channel's support within a robust uptrend, which is a positive sign for buyers.
However, for confirmation and to consider this correction concluded, we need to see stabilization above 2350. Once this happens, a new all-time high is highly probable, and bulls could potentially target the 2400 zone.

11 Apr

Catatan

After yet another spike down at 2325 now support, XauUsd reversed losses and is trading again in green territory.
However, as written in the morning, the yellow box from the chart holds the key.
If bulls manage to close the day above this level there is a high probability of a new ATH

11 Apr

Catatan

XauUsd is closing the day towards the top of the daily range.
A very good thing for bulls.
Probably the week will also close with a new ATH