Gold Hits New ATH – How Much Higher Can It Go?
In yesterday's XAU/USD analysis, I mentioned that a correction could occur, potentially bringing Gold down to the 2770 zone.
I even opened a trade based on this idea.
However, after an initial drop to the 2810 zone, Gold reversed and surged to a new all-time high.
Fortunately, I had not entered a large-volume trade, and with active management throughout the day, I kept my losses minimal.
Now, the key question is: How much higher can Gold go?
Looking at the chart, as I previously explained, Gold has been steadily rising within an ascending channel.
Yesterday, it even broke above the channel’s resistance, and at the time of writing, it is trading at 2860.
In my opinion, buying at this price carries too much risk.
I prefer to wait for a blow-off top and signs of weakness before considering a sell trade.
For now, I am staying out of the Gold market.
I even opened a trade based on this idea.
However, after an initial drop to the 2810 zone, Gold reversed and surged to a new all-time high.
Fortunately, I had not entered a large-volume trade, and with active management throughout the day, I kept my losses minimal.
Now, the key question is: How much higher can Gold go?
Looking at the chart, as I previously explained, Gold has been steadily rising within an ascending channel.
Yesterday, it even broke above the channel’s resistance, and at the time of writing, it is trading at 2860.
In my opinion, buying at this price carries too much risk.
I prefer to wait for a blow-off top and signs of weakness before considering a sell trade.
For now, I am staying out of the Gold market.
📈 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.