Gold can Start a Correction Towards 3855 Support

6 ott

Hello traders, I want share with you my opinion about Gold. The broader market context for Gold has been decidedly bullish since the price reversed and broke out from a prior descending channel. This structural shift established a new uptrend, which has since been neatly contained within a well-defined ascending channel. The price action for XAU has been creating a clear sequence of higher highs and higher lows. Currently, the asset is trading very close to the resistance line of this ascending channel, an area where sellers may re-emerge. My strategy is based on the expectation that the price will reach this line, be rejected, and then begin a corrective decline. I think after such a strong run, a pullback is a probable scenario. A confirmed reversal from this upper boundary would validate the short idea. Therefore, I have placed my TP at the 3855 current support level. Please share this idea with your friends and click Boost 🚀

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

7 ott

Trade attivo

Gold continues to grow and even broke resistance line of channel. Maybe price will continue to move up, we'll see.

8 ott

Trade chiuso manualmente

Gold continued to grow, so I closed this trade.