FX.co ★ king.zelda | XAU/USD, GOLD

GOLD has finally pleased the bulls, especially those who managed to wait for this decline. Since the start of yesterday's trading week, the price has dropped by more than $100 and is now close to the round level of 2300. The combination of the inclined and horizontal supports at 2305 has been broken, so logically, we can expect a further continuation of the decline towards the next support at 2272. However, it is important to understand that the current correction is developing within the global bullish trend, therefore growth impulses and buying opportunities will arise. It is even possible for the uptrend to resume from current levels, as the current decline appears to be absolutely non-retracement. In any case, I am currently on the sidelines simply observing where the bulls will start forming a pattern for the resumption of growth within the trend. Jumping into sales from current levels is definitely not advisable.