Gold can Resume its Uptrend After This Correction

[Antony Bishop]

Hello traders, I want share with you my opinion about Gold. The market context for Gold has been firmly bullish since the price action reversed from the deep 3335 - 3355 buyer zone, a move which established the current, well-defined upward channel. This bullish structure has since been guiding the price of XAU higher through a series of impulsive moves and corrective pullbacks, confirming that buyers are in control of the dominant trend. Currently, after testing the upper boundary of the channel, the asset is undergoing a healthy correction. This pullback is now guiding the price towards a critical confluence of support, where the ascending support line of the channel meets the horizontal support zone around the 3675 current support level. In my mind, this pullback is a classic trend-continuation opportunity. I expect that the price will find strong support in this area and bounce from the channel's support line. I think this rebound will signal the end of the correction and the resumption of the primary upward trend. Therefore, I have placed my TP at 3820, a target representing a new structural high and a logical objective for the next impulsive wave.

[Nahid10]

the asset is undergoing a healthy correction. This pullback is now guiding the price towards a critical confluence of support, where the ascending support line of the channel meets the horizontal support zone around the 3675 current support level