Gold Hits New ATH Amidst Volatility: Preparing for a Correction?
If you’ve been following my analyses over the past 10 days, you’ll know that I’ve maintained a bullish outlook on gold, anticipating a rise above 2500.
Although last week was marked by strong volatility, and two of my long trades didn’t hit their targets—one closing at break-even and the other with a modest 40-pip profit—the overall outcome has been quite satisfactory, with gains totaling around 600 pips.
Looking ahead, while the overall trend remains strongly bullish, I now expect some correction. As shown on the posted chart, the price reached the resistance of the channel in which gold has been trading recently.
After hitting a new ATH yesterday at 2530, the price encountered significant volatility, likely due to profit-taking, which often signals a temporary top.
As I highlighted in an update during yesterday’s trading session, the key level for bulls to watch is around the 2505 zone. A break below this level could lead to a decline towards the crucial support at 2480.
With this in mind, I’m looking to sell rallies against yesterday’s high, targeting the 2480 level.
Although last week was marked by strong volatility, and two of my long trades didn’t hit their targets—one closing at break-even and the other with a modest 40-pip profit—the overall outcome has been quite satisfactory, with gains totaling around 600 pips.
Looking ahead, while the overall trend remains strongly bullish, I now expect some correction. As shown on the posted chart, the price reached the resistance of the channel in which gold has been trading recently.
After hitting a new ATH yesterday at 2530, the price encountered significant volatility, likely due to profit-taking, which often signals a temporary top.
As I highlighted in an update during yesterday’s trading session, the key level for bulls to watch is around the 2505 zone. A break below this level could lead to a decline towards the crucial support at 2480.
With this in mind, I’m looking to sell rallies against yesterday’s high, targeting the 2480 level.
Dagangan aktif
Gold is on the verge of a down break under confluence support.The first target could be interim support at 2498
Second at 2485
Dagangan ditutup: sasaran tercapai
2498 target hit
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.