After breaking out and closing above the psychological level, XAUUSD is now pulling back. The price has been making higher highs and higher lows, indicating an uptrend. As it approaches the key support level at 2400, which was previously broken with a large bullish candle, I'm looking for a reaction to this zone. If the price rejects this support level, it could trigger a significant upward move. However, we have high-impact news on the horizon that could potentially push the price lower. Therefore, I'm advising caution. In the event of a pullback, I anticipate the market to retest the support level before resuming its upward trajectory. My goal is the resistance zone at 2426.
📊QUICK FUNDAMENTAL LOOK
GOLD dipped 0.3% to $2,407.31 per ounce, as of 0908 GMT, as the dollar recouped some losses from the previous session. The bullion was up 0.5% for the week so far after last week's 2.8% gain.
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