Gold short-term Sell
With the strengthening of the DXY and the expected 0.50-point rate cut from the FED starting to retreat towards 0.25 points, we may see some profit-taking in gold. The double top formation on the H1 chart, with the neckline broken, also supports this bearish expectation. Our first target is around $2,492, and if this level is broken, it could trigger the main correction, leading to a pullback towards the $2,430 level, which is the intersection of the 61.8% retracement and the main uptrend.
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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.