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GOLD → End of correction? Up to 2380?

2024-05-06 10:07 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD End of correction? Up to 2380?

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GOLD is strengthening after Friday's shakeout due to NFP, amid the dollar's decline. Possible retest of the liquidity area, with the aim of changing the trend.

snapshot

On H4 the price breaks the resistance of the wedge, formed within the corrective wave. The bulls are trying to hold above 2300, since the opening of the session the price strengthens to 2320 and makes an attempt to break the figure, which in general may mean the end of the correction. The price consolidation above 2328 will be a confirmation of the bulls' intention. In the near future the market may move to the phase of realization of the accumulated potential.

Resistance levels: 2328, 2352

Support levels: 2295, 2277

Technically and fundamentally there are many preconditions for possible growth. The main task is to wait for a retest of the resistance at 2328 and further market reaction. A false breakdown and a small correction before further growth may follow

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