Last week Gold bulls were fearless – we witnessed three all-time highs within a single trading week. The market closed on Friday just below 3600, locking in an impressive 1,500 pips weekly gain. There is no doubt: the trend remains firmly bullish.
But let’s add some perspective. Even if XAUUSD were to drop 1,000 pips from current levels, that move would count as a minor correction within the dominant bullish trend. That’s how extended this rally has become.
📌 Another element supporting the correction scenario is the parabolic nature of the latest move. From the 3300 zone, the rally has been almost a straight vertical line, leaving gold strongly overextended and far away from the mean. Markets rarely sustain such deviation without at least a temporary pullback.
🔑 Trading Plan: While acknowledging the risks of counter-trend setups, I will look for short opportunities. In my view, there is more room to the downside than upside in the short term.
Target for correction: 3530 confluence support zone.
As always, the trend is still bullish, but corrections are part of the game. A disciplined trader must know when to step aside – and when to take the contrarian shot. 🚀
But let’s add some perspective. Even if XAUUSD were to drop 1,000 pips from current levels, that move would count as a minor correction within the dominant bullish trend. That’s how extended this rally has become.
📌 Another element supporting the correction scenario is the parabolic nature of the latest move. From the 3300 zone, the rally has been almost a straight vertical line, leaving gold strongly overextended and far away from the mean. Markets rarely sustain such deviation without at least a temporary pullback.
🔑 Trading Plan: While acknowledging the risks of counter-trend setups, I will look for short opportunities. In my view, there is more room to the downside than upside in the short term.
Target for correction: 3530 confluence support zone.
As always, the trend is still bullish, but corrections are part of the game. A disciplined trader must know when to step aside – and when to take the contrarian shot. 🚀
Trade chiuso: stop raggiunto
Stop loss reached; however, my idea is unchanged.I still believe that Gold will correct strongly.
Looking to re-enter sell on signs of weakness
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.