We are currently watching a potential pop and drop and potential ATH scenario developing in gold. Price is holding above a key daily level at $3,021.4, which will serve as the critical pivot area. A sustained move below this level will likely trigger continuation toward the next significant daily level at $2,968.5 for T1, and potentially further into the weekly/daily support zone at $2,953.2, with an extended target at the daily level of $2,929.0.
I would expect that zone to provide support, though there is an untested area lower near the recent lows at $2,893.6. Ideally, I do not want to see price move much beyond our first weekly/daily support zone mentioned above but would lean on the lower level as a last ditch effort to hold the structure.
From the current price structure, based on Fridays close there's also potential for a move higher into (#1) $3,058, which is an untested daily level (approached from below). If this level acts as firm resistance, it could trigger the anticipated drop into the zones outlined above. Keeping an eye on being above or below $3,021.4 will be critical for progression in either direction.
I would expect that zone to provide support, though there is an untested area lower near the recent lows at $2,893.6. Ideally, I do not want to see price move much beyond our first weekly/daily support zone mentioned above but would lean on the lower level as a last ditch effort to hold the structure.
From the current price structure, based on Fridays close there's also potential for a move higher into (#1) $3,058, which is an untested daily level (approached from below). If this level acts as firm resistance, it could trigger the anticipated drop into the zones outlined above. Keeping an eye on being above or below $3,021.4 will be critical for progression in either direction.
Note
New ATHs have been hit!! Profits have been taken and we are down to runners. What an insanely fast push! Will be expecting a pullback into 3086.50 for the next continuation long and Will update with trade Idea very soon! Cheers!Trade active
New ATHs have been hit!! Profits have been taken and we are down to runners. What an insanely fast push! Will be expecting a pullback into 3086.50 for the next continuation long and Will update with trade Idea very soon! Cheers!Trade closed manually
Stop Triggered on Overnight pullback. over $160 banked!Note
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Get access to our exclusive tools, & Join our community: bit.ly/m/ViciTradingSolutions
All content provided by Vici Trading Solutions is for info & educational purposes only. Past performance does not guarantee future results.
All content provided by Vici Trading Solutions is for info & educational purposes only. Past performance does not guarantee future results.
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.