Gold- Has it bottomed out?

6 במאי

After reaching the all-time high in mid-April, XAUUSD, as normal, began to correct lower.
As I correctly anticipated at that time, it dropped by 1,000 pips and fell below 2300.

However, around the 2280 level, which I had previously highlighted, bulls entered the market and pushed the price up every time it dipped in that zone.

Friday's NFP report brought significant volatility, with a daily range of over 500 pips. Nonetheless, the market closed above 2300 once again.

The inability to drop below the 2280-2290 support zone could indicate a bottoming process. With the long-term trend strongly bullish, further growth can be expected in the future if this support holds.

Confirmation of a bottom would come with a daily close above the 2320 zone.
In this scenario, the next resistance to watch for is the 2355-2360 zone.

However, if bulls fail to maintain the 2280 level, a sharp drop could follow, especially considering the high number of stop losses placed below this zone.