Gold $XAU
Strong upward trend
Reached areas of strong buying saturation on all time frames: daily, weekly, monthly, and it should have corrected by all measures
The correction occurred and was violent and severe; in one day it lost more than 10%, and these are abnormal figures for gold
The correction is healthy and natural, stopping at the midpoint of the channel and at the 21-day average, which are good signals
The trend remains strong and upward, and we are monitoring the level 4750-4700; any daily close below it will lead us to the stronger area 4500-4400
A rebound from the current levels and not breaking 4700 with a daily close, we monitor the level 5100-5200, and once this level is regained, we can assert that the correction has ended
If you are a trader, every small movement in gold will matter to you
If you are an investor and hold physical gold (you have bars, ounces, or jewelry), gold is rising strongly, and the global situations of tensions, economic problems, and wars will drive it to further increases
Personally, I see gold on the medium and long term rising to 6500-7500, and if a financial crisis occurs and the dollar collapses, targets could extend above ten thousand
In the short term, it is undergoing a price correction that may extend to levels 4500-4300-4100, and in the worst case 3600, after which there will be a very strong rise
You are an investor and have gold; buy on every drop at the previous levels
You are a trader; respect the trend and adhere to stop-loss and risk management.