Fusion Markets

After breaking the bullish trend last month, we saw an impulse of selling and a low price of $3245 per troy ounce. Since then, a corrective pattern has been forming. Will we see another impulse of selling after the correction is over? If you agree with this analysis, look for a trade that meets your strategy rules.

The price of Gold against the US Dollar is bullish on the bigger time frame.Diving into the 8 hour chart, we see that price was correcting in the form of a triangle with a breakout in the early part of this month.With price retesting the top of the triangle, we may see a rejection and further move to the upside. Watch out for a false break though.This is an idea of what may happen.Always trade with a tested and profitable strategy. Use alongside good risk management.

Price is moving within a triangle with support having recently been tested and rejected.We may now see buyers take price higher to test the top of the structure again.At that point look for a rejection or breakout.This is a IDEA of what may happen. You should always trade with a profitable strategy and good risk management.

XAU/USD was finding support last week at the $3270 mark for a second time on the four hour time frame.The last four hour resistance was also seen last week at circa $3365.Look for price to head back towards resistance.This is an idea of what may happen. Always trade with a profitable strategy and good risk management.

Gold well and truly smashed through the $3000 barrier this week, peaking at around $3057 per troy ounce.Looking at the 4 hour chart, we may see one more impulse of buying after the current corrective move. This correction may head towards the 38.2%/50%/or 61.8% Fib retracement levels (if you use them in your trading). If we do see another bullish impulse then the -27% Fib extension level could be a target.