Gold Necessary Correction Target: 2815
Hello my fellow traders. what do you think about Gold today.
Current Gold Price: 2860
Date: 5 February 2025
Gold is establishing new levels but respecting none because its working fundamentally instead of technically. however; Gold is over bought and it would be not sensible to buy at this level because market can retest lower areas and correct itself. Currently market is at its peak and bulls are ready to to take their profit which will cause a drop which bulls see as another opportunity to buy from low. In my opinion Gold is ready to drop and test the area of 2835 and if market give the bearish breakout then market will fall further down to 2818.
Remember Gold is overbought and has not correct itself and neither it has tested the lower area and is continuously going up. now it will have a great drop.
Our Kye Points Areas:
Support Level: 2832, 2818
Resistance Level: 2862, 2885
End Target: 2885
Remember this analysis is not for trading its just an opinion.
Kindly like and comment and support me. Thanks for your time
Current Gold Price: 2860
Date: 5 February 2025
Gold is establishing new levels but respecting none because its working fundamentally instead of technically. however; Gold is over bought and it would be not sensible to buy at this level because market can retest lower areas and correct itself. Currently market is at its peak and bulls are ready to to take their profit which will cause a drop which bulls see as another opportunity to buy from low. In my opinion Gold is ready to drop and test the area of 2835 and if market give the bearish breakout then market will fall further down to 2818.
Remember Gold is overbought and has not correct itself and neither it has tested the lower area and is continuously going up. now it will have a great drop.
Our Kye Points Areas:
Support Level: 2832, 2818
Resistance Level: 2862, 2885
End Target: 2885
Remember this analysis is not for trading its just an opinion.
Kindly like and comment and support me. Thanks for your time
Trade active
We achieved our first target 2834 which we considered a supporting area gold. we talk about the points we achieved are 480 from our resistance area 2882 to 2834.
For last two days market has respected technical area instead of only responding to fundamentals of it. as of now market is working normally and if NFP news turn out to be in favor of dollar then Gold will definitely hit our demand zone and can drop even further
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.