Hello traders,
Gold experienced a significant decline during the last two days of the previous trading week. On Friday, we saw a break below the 3022 level, which led to a shift in market sentiment. While the long-term bullish momentum remains intact, the current price action suggests a strong pullback may be underway, potentially continuing into the coming week.
We should closely monitor the 3028 level for a potential selling opportunity, with the first target set at last week's low of 2999, and an extended target around 2966.
However, if Gold reclaims 3040, we may see bullish momentum resume, given the ongoing geopolitical tensions and risk-off sentiment, which means we need to be very careful and stick to a trading plan.
How do you plan to trade Gold this week? Share your thoughts in the comments!
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Gold experienced a significant decline during the last two days of the previous trading week. On Friday, we saw a break below the 3022 level, which led to a shift in market sentiment. While the long-term bullish momentum remains intact, the current price action suggests a strong pullback may be underway, potentially continuing into the coming week.
We should closely monitor the 3028 level for a potential selling opportunity, with the first target set at last week's low of 2999, and an extended target around 2966.
However, if Gold reclaims 3040, we may see bullish momentum resume, given the ongoing geopolitical tensions and risk-off sentiment, which means we need to be very careful and stick to a trading plan.
How do you plan to trade Gold this week? Share your thoughts in the comments!
If you found this analysis helpful, please support it with a boost. Make sure to follow to receive new updates.
Note
If we have to take a sell trade on Gold, we will definitely do so at 3042, of course after confirmation. The order block at 3043 has definitely caught my attention. My goal is I want to see the short term high at 3038 cleared before we could see a sell-off. 
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🔥Free Telegram Channel For Signals👇
t.me/+cJIWSM9RjvgyYzg0
t.me/+cJIWSM9RjvgyYzg0
Related publications
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.