Gold- Correction looming
Updated
Gold began the week by setting new all-time highs, with the latest at 2644.
However, the bulls appear to be losing momentum, and the recent rise has formed a small rising wedge, which suggests a potential pullback.
In conclusion, while the medium-term outlook remains very bullish, in the short term, I’m looking to sell in anticipation of a test near the 2600 zone or just slightly below.
However, the bulls appear to be losing momentum, and the recent rise has formed a small rising wedge, which suggests a potential pullback.
In conclusion, while the medium-term outlook remains very bullish, in the short term, I’m looking to sell in anticipation of a test near the 2600 zone or just slightly below.
Trade active
XauUsd just reached the upper boundary of the wedge
Confirmation for the start of correction comes with a daily close under 2630
Trade closed: stop reached
The stop has been reached.
Looking to sell again
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