XAUUSD Long: Path to 3975 After Correction

[Antony Bishop]

Hello, traders! The price auction for XAUUSD has been in a powerful and sustained bullish phase, with the market structure being clearly defined by a major ascending trend line. This uptrend has demonstrated significant strength, breaking through multiple key resistance levels such as the 3630 demand 2 and the 3820 demand 1 levels, confirming that buyers are in full control of the market.

Currently, after reaching a new high, the price has entered a corrective phase. This pullback is guiding the auction down towards the major ascending trend line that has been the backbone of this entire upward move. This area represents a critical test of the trend's integrity and a key zone for buyers to show their initiative.

My scenario for the development of events is a continuation of the primary uptrend. I believe that this correction is a healthy pullback and an opportunity for buyers to re-enter at a value area. In my opinion, the price will find strong support on the ascending trend line, leading to a reversal and the start of the next impulsive wave higher. The take-profit is therefore set at 3975. Manage your risk.