📉 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. 🚀✨
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. 📉📊
Momentum Exhaustion: We’re 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. ⛽️💨
Target Zones: If the correction holds, experts are eyeing a confluence of support in the $4,380 – $4,440 region. This area aligns with the 100-day Simple Moving Average, a level Gold historically loves to revisit. 🎯📍
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. 🌎⚖️
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. 💎📈
Are you buying the dips or waiting for the $4,400 reset? Let’s discuss below! 👇
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