Gold continued its upward movement yesterday. Short positions around 3380 yielded limited gains, while those near 3410 are currently underwater. Many traders may be in a similar position, and I want to emphasize: there’s no need to panic—today offers a strong opportunity for the bears.
Technically, gold is now in the final stage of a five-wave upward structure. The bullish momentum is fading. The remaining upside is likely limited to within $50, while the downside potential could exceed $80. In short, there’s an 80%+ chance of a pullback or consolidation today, offering a solid exit or profit opportunity for short positions.
The price is expected to retrace below 3360, and once profit-taking begins, the decline may accelerate.
Trading Strategy for Today:
Sell between 3450–3480
Buy between 3330–3310
Trade flexibly within 3440–3400 / 3410–3355
Technically, gold is now in the final stage of a five-wave upward structure. The bullish momentum is fading. The remaining upside is likely limited to within $50, while the downside potential could exceed $80. In short, there’s an 80%+ chance of a pullback or consolidation today, offering a solid exit or profit opportunity for short positions.
The price is expected to retrace below 3360, and once profit-taking begins, the decline may accelerate.
Trading Strategy for Today:
Sell between 3450–3480
Buy between 3330–3310
Trade flexibly within 3440–3400 / 3410–3355
Note
Entering the bearish zoneTrade active
✅ Current short positions are already in profit. Depending on your risk preference, here are two approaches:For conservative traders, consider closing all positions now to secure profits.
For those aiming for extended gains, take partial profits and hold the rest, targeting a deeper pullback.
Trade closed: target reached
Yesterday’s short positions delivered a pleasant surprise at today’s market open—they’ve now all been successfully closed in profit!Gold has dropped nearly $200 from yesterday’s high to now, giving us strong momentum on the downside. But such a sharp decline also creates room for a potential rebound.
Strategy Update:
After such a major drop, a short-term technical bounce is likely
Today’s plan: look for long (buy) setups first
After the rebound, we’ll reassess and adjust the strategy accordingly
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I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
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.