Gold remains bullish above 1930 zone

In my yesterday's analysis, I said that I expect XauUsd to reach 1980 and my opinion hasn't changed.
As expected Gold retrace a little from the top, but considering the 700 pips rally from the recent bottom, this is nearly a correction. Also, looking at a shorter time frame, like h4 or h1, looks more like a consolidation.
Looking at the posted daily chart we see that the 1925-1930 zone is strong support and as long as the price stays above this zone, the buy dips strategy remains intact.
That being said, I will look to buy, and, if the target is reached, a 1:4 risk: reward ratio could be achieved, and that is all that matters in the end for a trader:)

Kommentera:

N.Y update: Gold is trading in my buy zone.
A reversal above 1940 during N.Y session would bring confirmation for outlook