Gold corrected itself all the way down to 3120 yesterday which is a significant demand level by institutions. Price then rebounded and closed at 3150. If it creates a confirmed HL by the end of Friday, the odds and probability XAUUSD will go back to its supply area at 3500 is highly probable. Price will also depend on macro fundamentals. The weekly shows a strong uptrend and so as the monthly chart. Institutions started buying back and increased their long positions.
Note
Gold broke minor supply level at 3250 and minor down trend. Heading toward 3347 - 3350 to test major down trend line. If that breaks, Gold will head back to 3500 with a high probability.Trade active
Gold created a HL on the Weekly Time Frame, the odds it will go back to supply between 3440 and 3500 to either create a new HH or LH is highly probable.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.