Gold faced significant resistance near the $3,500 psychological barrier, with intraday highs reaching $3,499 before a swift pullback of nearly $60. This sharp reversal reflects a classic overbought correction, suggesting that bullish momentum is fading and that the market may be entering a short-term consolidation or retracement phase.
From a sentiment perspective, this rapid decline following a sustained rally could trigger profit-taking and panic selling, intensifying downward pressure. If the price fails to reclaim the $3,469 resistance level, a deeper correction is likely, with a potential break below the $3,400 support zone.
The preferred strategy remains selling on rallies. Traders are advised to consider initiating short positions near the $3,469 resistance area, with a protective stop at $3,479 and take-profit targets in the $3,410–$3,400 support range.
Given the heightened volatility in recent sessions, strict risk management and position sizing are essential to navigating potential price swings effectively.
From a sentiment perspective, this rapid decline following a sustained rally could trigger profit-taking and panic selling, intensifying downward pressure. If the price fails to reclaim the $3,469 resistance level, a deeper correction is likely, with a potential break below the $3,400 support zone.
The preferred strategy remains selling on rallies. Traders are advised to consider initiating short positions near the $3,469 resistance area, with a protective stop at $3,479 and take-profit targets in the $3,410–$3,400 support range.
Given the heightened volatility in recent sessions, strict risk management and position sizing are essential to navigating potential price swings effectively.
Market trading is not only as sharp as a falcon, but also as delicate as a painting!
Only in this way can we ensure continuous profits!
One-to-One membership service:
t.me/Hobart1988
Only in this way can we ensure continuous profits!
One-to-One membership service:
t.me/Hobart1988
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.
Market trading is not only as sharp as a falcon, but also as delicate as a painting!
Only in this way can we ensure continuous profits!
One-to-One membership service:
t.me/Hobart1988
Only in this way can we ensure continuous profits!
One-to-One membership service:
t.me/Hobart1988
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.