XAU/USD: Conquer New Highs or Pull Back?
Gold OANDA:XAUUSD
XAU/USD is “climbing” with strong momentum, currently pausing at $2622.235 after surpassing the Fibonacci 0.618 level at $2605.504.
The next “mountain” to conquer is $2640.178, and if breached, the new peak at $2696.273 could be within reach.
However, if the price “takes a break” and pulls back, the $2605.504 level will act as solid support. The “waves” of news from the FED and global economic data will significantly impact this race.
Traders, be ready: buy on the breakout or catch the correction to sell when needed!