Gold Price Analysis: Is a Deeper Pullback Coming?

12 Feb

Since the beginning of the week, I have been writing that although the overall trend remains bullish, Gold is due for a correction.

Indeed, after a blow-off top to a new all-time high of 2943, the price started to decline and reached the confluence support zone at 2885.

At the time of writing, the price has returned to this support level, and there is a high probability of a break below this level, leading to a continuation of the correction.

In such a scenario, traders could anticipate a test of the 2840 support zone.

My strategy is to look for selling opportunities on rallies above 2900.

Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.

12 Feb

Trade aktif

XauUsd is pressing in support.
A down break seems imminent
Target could be set at 2850 zone