PRIMERONIN

XAUUSDSince the beginning of the year, gold has been on an impressive uptrend, gaining over 5,000 pips and culminating in last week's all-time high (ATH) at 3,167. As I mentioned in last week's analysis, even though we are in a strong uptrend, the price has deviated too far from the mean, making a correction inevitable.✅ Friday Trade: After testing the resistance zone formed between 3,135 and 3,140, gold experienced a significant drop, closing the week 1,000 pips lower than its peak during Friday's session.📉 Recent Developments:** The correction continued yesterday, with gold recently touching a necessary confluence support around 2,950.📈 What's Next?I expect an upward movement and a resumption of the uptrend, with targets at: • The 3,050 zone 📌 • The 3,080 zone 📌 🎯 Plan: Buy dips near support, aiming for the mentioned targets. This analysis would be negated if there is a clear break below 2,950. 🚀

There are two potential scenarios to consider in the current situation. Since the price has already reached an all-time high (ATH) without any retracement, we can expect a minor pullback to facilitate a re-entry in the long position, with support levels between 2944 and 2930. If the hourly close is below 2930, it may lead to a more significant drop towards the swing low, which is estimated to be around 2880-2885.

Last week, the price attempted to break above the previous highs but retraced below to test the support level.In the current scenario, the ideal strategy is to wait until the price approaches the 2897-2895 zone for a long setup.The price needs to retrace to the demand zone before moving upward.The long position is marked on the chart.