1. Yesterday’s Move
Yesterday, after a small intraday correction to the 3470 zone, Gold quickly reversed and pushed higher, printing a new all-time high near 3550. The bullish trend remains intact, but the latest surge looks overextended.
2. Key Question
Has Gold finished its run for now, or will we see another immediate push higher without a deeper correction?
3. Why a Correction is Probable
• The recent move is stretched, with limited room for risk-reward on the long side at these highs.
• 3470 stands out as a confluence support, and markets often retest such levels before continuation.
• Chasing longs at ATHs leaves traders vulnerable to sharp pullbacks.
4. Trading Plan
The best setup is to wait for price to retrace into 3470 and look for buying opportunities in that zone, aiming to rejoin the broader uptrend.
Selling here is very risky – high probability of upside spikes could easily hit stop losses before any meaningful retracement.
Yesterday, after a small intraday correction to the 3470 zone, Gold quickly reversed and pushed higher, printing a new all-time high near 3550. The bullish trend remains intact, but the latest surge looks overextended.
2. Key Question
Has Gold finished its run for now, or will we see another immediate push higher without a deeper correction?
3. Why a Correction is Probable
• The recent move is stretched, with limited room for risk-reward on the long side at these highs.
• 3470 stands out as a confluence support, and markets often retest such levels before continuation.
• Chasing longs at ATHs leaves traders vulnerable to sharp pullbacks.
4. Trading Plan
The best setup is to wait for price to retrace into 3470 and look for buying opportunities in that zone, aiming to rejoin the broader uptrend.
Selling here is very risky – high probability of upside spikes could easily hit stop losses before any meaningful retracement.
📈 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.