Gold (XAU/USD) is starting to look a little feverish once again despite managing to pull higher at the end of last week. The pullback over the last two sessions is not yet overextended and is still likely to offer new buyers a better chance to get in, but there isn’t much wiggle room left before the outlook starts to look slightly bearish.
So far the bullish trend since XAU/USD reversed higher back in August is mostly intact, with small reversals along the way allowing for another leg higher. The question now is whether this is another one of those momentum building reversals or if there is more to it, especially given how strong the pullback has been over the last two days compared to the other times.
