Since the beginning of the year, Gold has been on an impressive uptrend, gaining over 5000 pips, culminating with last week's ATH at 3167.
As I highlighted throughout last week's analyses, even though we're in a strong uptrend, the price was too far deviated from the mean, making a correction inevitable.
✅ Friday Recap:
After testing the resistance zone formed at 3135-3140, Gold dropped hard, closing the week 1000 pips lower from its peak during Friday's session.
📉 Recent Developments:
The correction continued yesterday, with Gold recently touching an important confluence support around 2950.
📈 What's Next?
I expect an upward movement and resumption of the uptrend, with targets at:
• 3050 zone 📌
• 3080 zone 📌
🎯 Plan:
Buy dips near support, aiming for the mentioned targets. The analysis would be negated if we see a clear break below 2950. 🚀
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.
As I highlighted throughout last week's analyses, even though we're in a strong uptrend, the price was too far deviated from the mean, making a correction inevitable.
✅ Friday Recap:
After testing the resistance zone formed at 3135-3140, Gold dropped hard, closing the week 1000 pips lower from its peak during Friday's session.
📉 Recent Developments:
The correction continued yesterday, with Gold recently touching an important confluence support around 2950.
📈 What's Next?
I expect an upward movement and resumption of the uptrend, with targets at:
• 3050 zone 📌
• 3080 zone 📌
🎯 Plan:
Buy dips near support, aiming for the mentioned targets. The analysis would be negated if we see a clear break below 2950. 🚀
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.
Trade active
Gold needs to clear 3015-3020 zone to consider reversal towards 3080Anyway, the trade from yesterday's N.Y session is running nicely with more than 500 pips profit and protective stop loss of +250 pips
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.