Gold in correction wave

7 giu

For intraday trading:
Gold is showing an ABC correction pattern on the chart, ending around 3275-3265. I'm looking to sell next week, with an invalidation level above 3338.

Looking for a buying opportunity at 3265, targeting 3462. Confirmation of continued buying interest above 3338, then 3400. invalidation level for buying is close below 3245.

10 giu

Trade attivo

trade active

11 giu

Trade chiuso: stop raggiunto

12 giu

Nota

It seems that the price reached the first target level and then reversed, without completing the correction, only forming a single wave. This kind of movement can have several possible explanations or scenarios:

Temporary Take Profit Level:** The price may have reached a logical profit-taking level at the first target, causing it to break the trend and bounce back.
Strong Resistance or Psychological Level: There might be a strong resistance or psychological level preventing further correction or decline.
Reversal Pattern or Technical Formation: Such as a specific candlestick pattern or the beginning of a larger reversal pattern.
Trading Volume: The trading volume might be lower at the target level, indicating a lack of momentum to continue the correction or reversal.