XAUUSD: Awaiting a Pullback or Breakout?
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The current XAUUSD chart shows an upward trend after breaking out of a descending channel. The key resistance at $2,667 presents a significant challenge for buyers, and if surpassed, it could strengthen the bullish momentum.
However, in the short term, the price may pull back to the support zone at $2,637, where potential buying interest could push the price back up.
For low-risk traders, waiting for a pullback to the $2,637 support area might be a safer entry for a buy position.
If you're a trend-following trader, you could wait for a clear breakout above $2,667 to enter a buy trade with expectations of further upward movement.
However, in the short term, the price may pull back to the support zone at $2,637, where potential buying interest could push the price back up.
For low-risk traders, waiting for a pullback to the $2,637 support area might be a safer entry for a buy position.
If you're a trend-following trader, you could wait for a clear breakout above $2,667 to enter a buy trade with expectations of further upward movement.
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