Gold’s Price Action: New Highs or Correction Ahead?

6 Şub

Yesterday, gold reached yet another all-time high, slightly above 2,880.
However, the price quickly dropped by 200 pips, finding support at 2,660.

Since then, gold has been consolidating, but a correction appears to be looming.

In the posted 30-minute chart, we can see a small head-and-shoulders pattern forming.
A break below the newly established support and the neckline of the pattern could lead to a further drop to 2,640.

Although trading at this stage is extremely risky, I believe gold is more likely to correct at this point rather than make a new ATH.

6 Şub

İşlem aktif

Gold broke under 2860 neck line support

6 Şub

İşlem kapandı: hedefe ulaştı

2840 target hit