Can Bulls Muster the Strength for Another Rally?

27 Eyl

In yesterday’s video, I mentioned a high probability of Gold reaching a new all-time high (ATH) before undergoing a significant correction. As anticipated, the price pushed higher, with the new ATH now standing at 2685.

After hitting this high, the price experienced a quick drop, but bulls held strong around the 2650 support zone.
Since then, the price has rebounded to 2670 and has entered a phase of consolidation.
This consolidation is forming a symmetrical triangle, which often signals a continuation of the prevailing trend.

Considering today is Friday, and with the end of the month approaching, a push to test levels above 2700 is possible.

That said, it’s important to remember the saying: “Trade what you see, not what you think.” What we currently see is solid support at 2650.
As long as this support holds, the trend remains strongly bullish, making it risky to attempt to predict a market top.

Short-term traders could search to buy dips against 2650.

27 Eyl

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XauUsd is very stable above 2650 support, even making marginal higher lows.
Considering this is not the way that usually an asset is topping, we can still expect a test of waters above 2700, early next week.

P.S It is important to see the close of the week, which should be clearly above 2650, and as lose as 2680 as it can