Gold's Aggressive Rally. Still looking for correction though
Updated
With Gold making new all-time highs every day since Friday and no resistance levels in sight, it's challenging to time and find an entry point for a short trade.
Although my short position from yesterday hit the stop-loss, my view remains the same: Gold should correct by at least 500 pips.
Technically, since the low last Thursday, Gold has surged by 1,200 pips, with this move contained within a very aggressive uptrend channel, which is often a sign of a final leg in a rally.
Currently, the price is testing the median support, but more confirmation is needed before entering a short position.
This could happen with a daily close below 2630 or if there's a failed attempt to reach a new ATH during the day.
In conclusion, while I remain bullish in the medium term, at this moment, I am focused on identifying a strong entry point for a short trade, expecting a 500 pips correction.
Although my short position from yesterday hit the stop-loss, my view remains the same: Gold should correct by at least 500 pips.
Technically, since the low last Thursday, Gold has surged by 1,200 pips, with this move contained within a very aggressive uptrend channel, which is often a sign of a final leg in a rally.
Currently, the price is testing the median support, but more confirmation is needed before entering a short position.
This could happen with a daily close below 2630 or if there's a failed attempt to reach a new ATH during the day.
In conclusion, while I remain bullish in the medium term, at this moment, I am focused on identifying a strong entry point for a short trade, expecting a 500 pips correction.
Trade active
UPDATE!
As explained, although, in the long term I'm bullish, now I expect some retracement.
On the chart, you have the zones that I'm looking at right now.
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