Gold's Rollercoaster: From 3167 ATH to 2950 Support–What's Next?

8 Nis

Since the beginning of the year, Gold has been on an impressive uptrend, gaining over 5000 pips, culminating with last week's ATH at 3167.
As I highlighted throughout last week's analyses, even though we're in a strong uptrend, the price was too far deviated from the mean, making a correction inevitable.

✅ Friday Recap:
After testing the resistance zone formed at 3135-3140, Gold dropped hard, closing the week 1000 pips lower from its peak during Friday's session.

📉 Recent Developments:
The correction continued yesterday, with Gold recently touching an important confluence support around 2950.

📈 What's Next?
I expect an upward movement and resumption of the uptrend, with targets at:
• 3050 zone 📌
• 3080 zone 📌

🎯 Plan:
Buy dips near support, aiming for the mentioned targets. The analysis would be negated if we see a clear break below 2950. 🚀

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.

8 Nis

İşlem aktif

Gold needs to clear 3015-3020 zone to consider reversal towards 3080
Anyway, the trade from yesterday's N.Y session is running nicely with more than 500 pips profit and protective stop loss of +250 pips