• Sept 26, 2024
  • Trade ideas

XAUUSD: Correction Starts?

XAUUSD, H1

XAUUSDH1.png

On the H1, XAUUSD formed an ascending channel pattern in a short-term bullish impulse. The price reached an ATH again and crossed the upper Bollinger line, with the lines shrinking, which is a sign of the beginning of a strong move. The CCI has risen strongly above 100.0, indicating an overbought solid pattern.

  • If Gold breaks the 2670 resistance, it will open the way up to 2687;
  • However, a break of the lower trendline will start a correction to 2633 support corresponding to 161.8 Fibonacci;
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Author: Egor Schmidt