GOLD - consolidation after reaching intraday ATH

The GOLD (XAUUSD) index pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be an overbought consolidation after reaching the intraday all time high.

The key trading level is at 2895 level, the consolidation price range and also the current daily pivot level. A corrective pullback from the current levels and a bullish bounce back from the 2895 level could target the upside resistance at 2945 followed by the 2980 and 3000 levels over the longer timeframe.

Alternatively, a confirmed loss of the 2895 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 2879 support level followed by 2862.

This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.