Gold Price Correction Alert: Watch Key Fibonacci Support as Mark

17 Nis

Market Structure Analysis:
Reversal Signal:
Gold recently surged to a new high of $3,357.6, then quickly reversed and broke below the early-session low, forming a classic “bull trap” or false breakout, suggesting a technical correction could follow in the short term.

Historical Pattern Recurrence:
The current price action mirrors the April 11 and April 3 market structure — early strength followed by steep intraday drops. This indicates a potential trend cooling phase or consolidation window.

🔧 Key Technical Levels:
Primary Support:

$3,292–$3,294: 0.382 Fibonacci retracement level, also the previous session’s confirmed support and breakout point, aligning with the trend channel switch.

Secondary Support Levels (if broken):

$3,283 (green channel line), followed by $3,305 → $3,292 → $3,283 as downside targets.

Resistance Zones:

$3,356–$3,358: Recent high and primary resistance

$3,344–$3,345: Intraday rebound resistance

$3,330–$3,333: European session breakdown level

📊 Trend Bias:
The current pullback is seen as a technical retracement within an intact medium-term bullish trend.

This is considered a consolidation phase, not a trend reversal, providing opportunities for repositioning rather than exit.

🎯 Strategic Trading Guidance:
For Short-Term Traders:
Monitor the $3,292–$3,283 zone for support confirmation. If the area holds, consider buying on dips with tight stops for a rebound play.

For Conservative Traders:
Wait for a breakout above $3,333–$3,356 before entering long positions to confirm bullish resumption.

Risk Management:
Set clear stop-loss levels, avoid chasing breakouts, and stay disciplined amid potential volatility and fake-outs.

17 Nis

İşlem aktif

It is recommended that brothers mainly go long and wait for the low signal to be confirmed before entering the market.