FX.co ★ XAU/USD, GOLD

The situation with GOLD is currently very challenging for me. Of course, I wouldn't say that the downtrend is broken yet. However, it's worth noting that we have already reached targets around 4510, dropped to 4500. But we couldn't hold above that level, and as a result, we see a significant rise. It looks like a false breakout of 4510. Moreover, there is already a great long initiative, and potential targets are forming higher. Of course, the demand for the dollar also plays a role, as it is currently under pressure. It's important to see how the dollar will trade further, especially with the ADP data coming up. For now, I'm just observing, but I'm already looking north. Therefore, if we drop back to around 4565, I wouldn't rule out buying.