Gold is posed for the breakout
Gold is in a price discovery market regime, which means a possibly fast continuation of a trend.
It is consolidating below the trendline of consolidation and may try to break it to the upside as shown on the chart.
Geopolitical factors and dovish monetary policy are the main drivers behind gold price action today.
The situation in the Middle East increased the demand for gold as a haven among investors, resulting in a FOMO-driven rally.
Traders will wait until the publications of non-farm payrolls on Friday. Until then, XAUUSD may continue uptrend with a short-term upside breakout (as shown at the chart).
Don't forget to manage your risk at all times!
It is consolidating below the trendline of consolidation and may try to break it to the upside as shown on the chart.
Geopolitical factors and dovish monetary policy are the main drivers behind gold price action today.
The situation in the Middle East increased the demand for gold as a haven among investors, resulting in a FOMO-driven rally.
Traders will wait until the publications of non-farm payrolls on Friday. Until then, XAUUSD may continue uptrend with a short-term upside breakout (as shown at the chart).
Don't forget to manage your risk at all times!
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