The Gold price has been on a sustained upward trajectory, transitioning from consolidation (April to July) to a decisive impulsive phase. Currently, XAUUSD has reached 2758.50, indicating a likely pullback with the recent formation of a swing high.
The bullish momentum in the gold price initiated when the Williams Percent Range signaled an oversold condition, triggering a robust price rally. Since August, the market structure has consistently maintained higher highs and lows, reflecting a stable uptrend.
A well-defined bullish trendline and supportive Moving Average confirm the trend’s strength. With the newly established swing high and the Williams Percent Range in overbought territory, a retracement appears imminent.
Gold Short-term Trend: Bearish
On the 4-hour timeframe, XAUUSD has developed a double-top pattern, suggesting the start of a pullback. For trend-aligned trades, it is crucial to wait for bullish confirmation on lower timeframes, which will enable optimal entry points for high-quality forex signals.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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