In the last week of August, Gold (XAUUSD) might take a pullback down to the 2450 price zone. Before entering the last leg of the 3rd quarter, XAUUSD could absorb the buyers waiting down at 2450. Here’s what you need to know:
1. Pullback to 2450: A Key Buying Zone 📉
Icon: Gold is expected to revisit the 2450 support level, which has proven to be a critical zone for buyers. This pullback could present a strategic entry point for new buyers, as the market absorbs the demand waiting at this price level.
2. New Buyer Entry Expected in Early September 🚀
As we move into September, fresh buying activity is anticipated. This could push XAUUSD towards the next key resistance levels at 2575 or even 2600 USD. Traders should monitor these levels closely for potential opportunities.
3. Testing the New High at 2531 🎯
Before the downtrend resumes towards the end of the week, Gold might attempt to test the recent high around 2531. This level could act as a pivotal point, determining the short-term direction of the market.
4. Trading Strategy: Caution and Patience âš–ï¸
Given the potential for volatility, it’s crucial to trade carefully. Patience will be key in waiting for confirmation of the pullback and subsequent buying signals. Managing risk around these critical levels will be essential.
Disclaimer
The analysis provided above is for informational purposes only and should not be construed as financial or investment advice.
