As you know from my previous posts and videos, I'm strongly bearish on XAUUSD . However, in my analysis yesterday, I mentioned that after such a significant drop on Friday, a correction is possible. Indeed, after a double tap on the 2290 zone support, gold started to reverse and reached an intraday high of 2315.
There is still the possibility of a new leg of correction, which could provide bears with a good entry point for the future drop. A good zone to watch for short entry signals is slightly above 2320. My medium-term target remains the 2200 zone, and only sustained buying above 2350 would change my outlook.
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As explained in the morning, a new leg of correction is probable Gold is approaching my sell zone for medium-term trade already I will start to look for signs of weakness
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