Gold could test above 2400 once more
The 2290 zone has proven to be very strong support for gold and bulls regained control from that area.
Last week, XAU/USD continued its ascent, and Friday's NFP brought a new rise, breaking above the 2365-2370 resistance zone and closing the week at 2391.
Currently, the structure is bullish with confluence support at 2365. Although I don't foresee sustained gains above 2400 in the medium term, a new test of levels above this important threshold is likely in the near term.
Short-term traders could consider buying dips near the support, with invalidation below Friday's low.
Last week, XAU/USD continued its ascent, and Friday's NFP brought a new rise, breaking above the 2365-2370 resistance zone and closing the week at 2391.
Currently, the structure is bullish with confluence support at 2365. Although I don't foresee sustained gains above 2400 in the medium term, a new test of levels above this important threshold is likely in the near term.
Short-term traders could consider buying dips near the support, with invalidation below Friday's low.
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