XAUUSD: The road to better long opportunities??

25 พ.ค. 2023

After finally breaking and closing below a key support area (and rising trend line) today, Gold seems to be on its way to making some type of corrective move. The instrument has been trading inside of a long-term channel dating back to June of 2020. Price has recently tested and rejected channel resistance along with breaking out of its daily rising channel. Personally, I do think Gold will continue to rise in the long-term, but for the moment I wouldn't mind trading it to the downside if given the opportunity. There are clearly defined levels that I would love to take advantage of in both directions. I've always found this instrument interesting when it comes to daily swing positions.