Gold Bulls Beware: Is the Market Ready for a Pullback?

há 6 dias

Since the beginning of the year, Gold has closed every week in the green, with the last four weeks marking all-time highs.

However, not even trees grow to the sky—let alone gold. 🌳✨

Looking at the posted chart, we can see that despite reaching ATHs and trading above 2900 over the past three weeks, the price has consistently reversed sharply from those highs. This suggests that a correction is becoming increasingly likely.

Yesterday's ATH was only about 20 pips higher than the previous one, and once again, the price quickly reversed. At the time of writing, Gold is trading at 2936, hovering near a critical confluence support level.

If the confluence support breaks, traders should anticipate a deeper correction, with an initial target around 2880 and a potential move toward 2850.

I'm bearish on Gold, but I’m waiting for further confirmation before initiating sell trades. 📉🔍

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.

há 6 dias

Trade ativo

As explained in my morning analysis, Gold could start correcting again.
Now it looks like it will break under my important zone.
I'm looking to sell