Gold unexpectedly increased strongly in the Asian session this morning, although there has not been any important information or price momentum affecting the precious metal. This is opening up many potential risks for this increase in the precious metal.
The current price level of $327x is an important target price zone of today's trading day that Gold has completed. Therefore, it will be very difficult to expect the price to continue increasing or to penetrate the Buy strategy. Because any price reversal at the current level can easily open up the prospect of a deep price correction, even forming a false-break and entering a strong downtrend.
It is expected that the price will start to slow down from here, enter a narrow accumulation range and start to reverse down when entering Europe. The price level to watch in Europe is $3248. It is expected that Gold will return to this price level and continue a short-term uptrend. But be careful with the scenario: Gold starts to strongly decrease from here (instead of slowing down), then at the beginning of Europe, the price can easily fall below the $3248 mark, at which point Gold officially forms a False-break and will decrease rapidly.
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