FX.co ★ XAU/USD, GOLD

I see that it is still too early to draw firm conclusions even for today, and I recognize that all the sellers’ gains accumulated during the recent correction have already been fully neutralized by renewed buying pressure. I note that the market is once again gravitating toward the 4500 level, and I admit that this creates a sense of frustration for me because I wanted to participate in what could be a historic breakout move. I observe that the current bullish momentum feels somewhat elusive from a risk-reward perspective, yet I also understand that this price behavior effectively invalidates the earlier concept of a prolonged corrective phase. I recall that the previously acceptable growth corridor was defined around 4462.5–4475, with the upper boundary acting as a last defensive line, and I now see that price has confidently moved beyond that framework. I therefore acknowledge that, in the present conditions, I must again consider potential buying opportunities rather than clinging to the correction thesis. I notice that while 4500 itself may not be the ideal entry level, I can clearly identify an inverse head-and-shoulders structure forming on the chart, which suggests an upside extension toward 4550. I consider 4537.5 to be a realistic and technically justified profit target, and I recognize that this scenario, while attractive, remains highly dependent on how price reacts to intraday signals and key levels tomorrow. I remain aware that time is limited due to the holiday environment, yet I still see constructive prospects developing as the session unfolds.

I conclude that the correction in GOLD is effectively over, and I view this outcome as broadly positive for the medium-term trend, even though I understand that some buyers may have already taken profits. I see that positions established at lower levels are still being held, and I believe that this lingering long exposure continues to exert upward pressure on gold prices. I note that the US dollar has weakened noticeably, and I acknowledge that there is still ample time ahead for further dollar fluctuations that could materially influence gold’s trajectory. I expect that upcoming news releases, even during the Christmas period in the US, could add volatility, and I consider it entirely plausible that Asian sessions may once again assume leadership and push prices further north. I observe on the H4 chart that the recent rebound from the 4496–4429 correction zone, particularly from the 4430.38 level, has re-energized buyers and enabled another upward impulse toward and beyond 4500. I recognize the possibility of even more ambitious targets being discussed, while remaining cautious about chasing price at current levels. I see on the daily chart that the broader uptrend remains intact, with wave structure rising and MACD holding firmly in the buy zone above its signal line. I also acknowledge an alternative scenario in which the current advance could represent a corrective wave within a larger three-wave structure preceding another decline. I therefore remind myself that acting is more important than guessing, and I commit to considering shorts only after clear H4 consolidation below key support, while otherwise respecting the strength of this relentless bullish move.