Yesterday’s Move
After printing a fresh ATH, profit-taking started late in the New York session. This was followed by stronger selling pressure during the Asian hours, which dragged the price overnight down to 3510. Currently, we see a rebound, with price trading around 3530.
Key Question
Is this rebound the start of a recovery—or just a pause before another leg down?
Why I Expect the Correction to Continue
- The market sold off 650 pips from the new ATH, confirming a local top.
- Momentum becomes fragile after 2k pips rise in just 10 days
- Selling pressure could easily return, especially if buyers struggle to hold above 3550.
Trading Plan
I’ll be looking to sell rallies against the recent top, targeting first the 3500 psychological level, and then the 3470 technical confluence support.
After printing a fresh ATH, profit-taking started late in the New York session. This was followed by stronger selling pressure during the Asian hours, which dragged the price overnight down to 3510. Currently, we see a rebound, with price trading around 3530.
Key Question
Is this rebound the start of a recovery—or just a pause before another leg down?
Why I Expect the Correction to Continue
- The market sold off 650 pips from the new ATH, confirming a local top.
- Momentum becomes fragile after 2k pips rise in just 10 days
- Selling pressure could easily return, especially if buyers struggle to hold above 3550.
Trading Plan
I’ll be looking to sell rallies against the recent top, targeting first the 3500 psychological level, and then the 3470 technical confluence support.
Trade active
Gold rebounded to my sell zoneTrade closed manually
I decided to close my short trade.It seems like the correction is over
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.