Gold XAUUSD Chart Technical Outlook corrects to the downside, the medium-term bias remains bullish
With aid convoys arriving at the Gaza Strip, and diplomatic efforts trying to stem any escalation in the Middle East conflict, we have seen a mild move lower in the safe-haven commodity.
From a technical perspective, there is ample scope for a correction to the downside, but the medium-term bias remains bullish.
Gold monthly: highlights an Expanding Wedge pattern. This formation has an eventual bias to break to the upside. It should also be noted Gold is likely to post a bullish Outside Candle in October. This formation is positive for long-term sentiment.
Gold Daily: the commodity broke out of the Expanding Wedge formation to the upside. The measured move target of $1,987 was achieved on Friday. The next significant upside barrier is the 88.6% pullback level of $2,033. Reverse trend line support is located at $1,927. Bespoke support is located at $1,922.
Gold 1-hour: the intraday chart highlights a three-candle topping formation…
