The last 10 trading days in Gold can be summed up in just one word: madness.
Back on April 9, the price was still under 3000 – yesterday it kissed 3500, marking an explosive 5000-pip rally in less than two weeks. That’s over 15% gain in no time!
🔙 As I mentioned in yesterday’s educational post, even though I expected a major correction, the lack of a clear stop loss setup made me choose the safest option: staying out.
Well, Gold did what it does best – surprise. Just before reaching a new all-time high, price reversed and at the time of writing, it has already dropped over 1600 pips from the peak.
📉 From a technical perspective, there are some important developments:
- Price has broken below the rising trendline, signaling a potential shift on short term
- Now, it's heading towards the 3250 support zone, which is aligned with the 50% Fibonacci retracement of the recent rally.
- This area could become a battleground – if bulls step in, we might see another bounce.
💡 Trading Plan:
From the selling side, the only potential setup I see is around 3450, but with a huge stop loss, making it less attractive.
On the buy side, I’ll be watching the 3250 level closely. If price action shows strength there, I may consider entering long – but only if the market conditions align properly.
Until then, I’m observing from the sidelines. No FOMO – just disciplined strategy. 🚀
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Back on April 9, the price was still under 3000 – yesterday it kissed 3500, marking an explosive 5000-pip rally in less than two weeks. That’s over 15% gain in no time!
🔙 As I mentioned in yesterday’s educational post, even though I expected a major correction, the lack of a clear stop loss setup made me choose the safest option: staying out.
Well, Gold did what it does best – surprise. Just before reaching a new all-time high, price reversed and at the time of writing, it has already dropped over 1600 pips from the peak.
📉 From a technical perspective, there are some important developments:
- Price has broken below the rising trendline, signaling a potential shift on short term
- Now, it's heading towards the 3250 support zone, which is aligned with the 50% Fibonacci retracement of the recent rally.
- This area could become a battleground – if bulls step in, we might see another bounce.
💡 Trading Plan:
From the selling side, the only potential setup I see is around 3450, but with a huge stop loss, making it less attractive.
On the buy side, I’ll be watching the 3250 level closely. If price action shows strength there, I may consider entering long – but only if the market conditions align properly.
Until then, I’m observing from the sidelines. No FOMO – just disciplined strategy. 🚀
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 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.