XAUUSD Analysis
Gold is consolidating as the economic stimulus launched in China, the largest consumer of gold, has failed to convince the market. Additionally, the USD is moving near a two-month high.
Consolidation Above the Trendline
Gold prices are consolidating after successfully breaking through a downtrend line visible on the H1 time frame. The intraday bias remains bullish today, and buy opportunities can be sought in the trendline area.
Forecast: STRONG XAUUSD
Trade Plan:
- Buy Area: 2646.24 – 2641.49
- Stop Loss (SL): 2633.23
- Take Profit (TP1): 2655.02
- Take Profit (TP2): 2665.93
- Take Profit (TP3): 2676.78