Gold Analysis – Is the Correction Over?

12 Sep

Yesterday I maintained my bias that XAUUSD correction could extend lower, with 3570 as the focus for the next swing low. I even sold rallies above 3640 zone with that scenario in mind.

However, after the CPI release, Gold dipped to 3620 zone but quickly recovered. That prompted me to lock in a modest 100 pips gain rather than fight the market.
A wise move in hindsight, since Gold is now back testing the 3650+ resistance zone.

So, is the correction finished?
➡️ Most probably, yes.

Here’s why:
• Bulls are defending the 3620 zone, stepping in strongly on dips.
• The chart is shaping into a rectangle, typically a continuation pattern, which suggests consolidation before trend resumption.
• Momentum is aligning again with the broader bullish trend.

Trading Plan:
• As long as 3620 holds, my strategy shifts to buying dips instead of selling rallies.
• A break above 3660 would open the path for continuation, with 3700 as the next bullish milestone.

The market has spoken – the correction seems to be losing steam, and the trend is ready to reassert itself. 🚀

12 Sep

Dagangan ditutup secara manual

Again, closed manually with only 50 pips.
It looks more like ranging for the rest of the day