๐ Gold($XAU ) Analysis: Is a Correction to $4,400 Imminent?
While Gold remains in a powerful long-term bullish cycle, technical signals are flashing a "yellow light" for the near term. Current price action suggests we are entering a mature corrective phase that could see a healthy pullback before the next major leg up. ๐โจ
Key Technical Insights:
The Harmonic Trigger: On the hourly chart, an AB=CD harmonic pattern is nearing completion. This often acts as a technical "tripwire" for a reversal. ๐๐
Momentum Exhaustion: Weโre seeing a clear bearish RSI divergence. While prices hit a recent high of $5,074, the RSI failed to follow suit, suggesting the "engine" is running out of steam. โฝ๏ธ๐จ
Target Zones: If the correction holds, experts are eyeing a confluence of support in the $4,380 โ $4,440 region. This area aligns with the 100-day Simple Moving Average, a level Gold historically loves to revisit. ๐ฏ๐
Macro Watch: Keep an eye on U.S. Retail Sales data and geopolitical tensions in the Gulf, which could act as catalysts for these technical moves. ๐โ๏ธ
Gold isn't necessarily losing its luster, but it is "overextended." A controlled dip toward $4,400 would actually provide a more sustainable foundation for the broader uptrend to resume. ๐๐
Are you buying the dips or waiting for the $4,400 reset? Letโs discuss below! ๐
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