Gold’s Price Action: New Highs or Correction Ahead?
Yesterday, gold reached yet another all-time high, slightly above 2,880.
However, the price quickly dropped by 200 pips, finding support at 2,660.
Since then, gold has been consolidating, but a correction appears to be looming.
In the posted 30-minute chart, we can see a small head-and-shoulders pattern forming.
A break below the newly established support and the neckline of the pattern could lead to a further drop to 2,640.
Although trading at this stage is extremely risky, I believe gold is more likely to correct at this point rather than make a new ATH.
However, the price quickly dropped by 200 pips, finding support at 2,660.
Since then, gold has been consolidating, but a correction appears to be looming.
In the posted 30-minute chart, we can see a small head-and-shoulders pattern forming.
A break below the newly established support and the neckline of the pattern could lead to a further drop to 2,640.
Although trading at this stage is extremely risky, I believe gold is more likely to correct at this point rather than make a new ATH.
Trade active
Gold broke under 2860 neck line supportTrade closed: target reached
2840 target hit
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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.