Mu Yao: Gold is consolidating at the bottom, bullish momentum is strengthening, and bearish momentum is fading; the uptrend remains in place.

Earlier, gold has been oscillating between 4000-4080 to build a solid base. The bearish force has already been exhausted, and the 4080 support is very stable.
The price is steadily holding above the moving averages; any short-term pullback is merely a correction within the ongoing uptrend.
Currently, it has broken through the 4100 level; resistance has turned into support, and the larger trend is pushing upward toward 4200.
After a series of consecutive gains, there may be a small pullback. Don’t chase the price; wait for the pullback to enter. It’s recommended to use a trailing take-profit.

If you pull back to around 4110, go long; the first target is 4150, then 4180.

Note:
The above analysis is my personal view only. The market changes rapidly, and the content is for reference only and does not constitute any investment advice!
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