Gold’s Volatile Ride: What’s Next for the Medium-Term Trend?
Updated
Gold has been experiencing unusual price movements and heightened volatility over the past two weeks.
Two weeks ago, the price saw an initial drop of 1500 pips. However, last week, it staged a sharp recovery, rallying almost uninterrupted—ignoring resistance levels—and closed the week strongly bullish at 2720.
As if that weren’t enough, the start of this week brought a sudden drop of 600 pips within just a few hours of the market opening.
This raises the critical question: What is Gold’s medium-term trend?
In my view, despite last week’s strong rally, the medium-term trend for Gold has shifted to bearish. Last week’s high might represent a lower high compared to the all-time high.
I plan to look for selling opportunities around 2700 and slightly higher, targeting the 2650 support level as an initial objective.
Two weeks ago, the price saw an initial drop of 1500 pips. However, last week, it staged a sharp recovery, rallying almost uninterrupted—ignoring resistance levels—and closed the week strongly bullish at 2720.
As if that weren’t enough, the start of this week brought a sudden drop of 600 pips within just a few hours of the market opening.
This raises the critical question: What is Gold’s medium-term trend?
In my view, despite last week’s strong rally, the medium-term trend for Gold has shifted to bearish. Last week’s high might represent a lower high compared to the all-time high.
I plan to look for selling opportunities around 2700 and slightly higher, targeting the 2650 support level as an initial objective.
Trade active
After a retest of the broken trend line, Gold has started to drop again
2650 is in focus now
Trade closed: target reached
Target not only reached, but also Gold dropped a lot more
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