$XAU GOLD

Hello Traders!

What are your thoughts on GOLD?

Gold has experienced a fast and impulsive rally over the past weeks, reaching the psychological $5,000 level. While this move highlights strong bullish momentum, buying at these levels carries elevated risk.

From a technical perspective, the overall trend remains bullish, with price still trading within a well-defined ascending channel. However, as price approaches the upper boundary of the channel, a corrective move (pullback) is increasingly likely.

Probable Scenario:

After this sharp rally, price is expected to correct toward the key support zone. This area could provide a more favorable low-risk buying opportunity in line with the dominant trend. A bullish reaction from this support may pave the way for new all-time highs.

In the short term, this week's FOMC meeting could have a significant impact on gold's price action and may increase volatility.

The bullish trend remains intact, but chasing price at current levels is not recommended.

Waiting for a pullback and confirmation around support levels would be the smarter strategy...

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