**Gold Market Analysis: Potential Reversal Formation**
Gold is finally showing strong signs of a potential top formation after an extended bullish run. After weeks of anticipation, yesterday's price action delivered a significant rejection candle at the psychologically important 3500 level, which could indicate the reversal signal we've been waiting for.
It's essential to recognize that in a robust bullish rally, tops can take longer to form than initially expected, as we've observed recently. The market often exhibits both time and price extensions in such conditions. Nevertheless, the rejection at 3500 in conjunction with the current technical setup suggests that we may be seeing a reversal pattern taking shape.
**Trading Perspective:**
From a trading standpoint, I am currently awaiting a confirmation candle (a follow-up to yesterday's rejection) to validate that the top is in place. If we witness follow-through selling pressure today or tomorrow, it could present an excellent swing short opportunity, with the following targets established:
- **Target 1 (TP1):** 3295
- **Target 2 (TP2):** 3250
- **Target 3 (TP3):** 3200
- **Target 4 (TP4):** 3170
- **Target 5 (TP5):** 3070 (psychological support level)
Stay vigilant and ready for potential short opportunities as the market unfolds. Let’s see if the signals align for a successful trade. Happy trading!
XAUUSD XAUUSD XAUUSD XAUUSD
Gold is finally showing strong signs of a potential top formation after an extended bullish run. After weeks of anticipation, yesterday's price action delivered a significant rejection candle at the psychologically important 3500 level, which could indicate the reversal signal we've been waiting for.
It's essential to recognize that in a robust bullish rally, tops can take longer to form than initially expected, as we've observed recently. The market often exhibits both time and price extensions in such conditions. Nevertheless, the rejection at 3500 in conjunction with the current technical setup suggests that we may be seeing a reversal pattern taking shape.
**Trading Perspective:**
From a trading standpoint, I am currently awaiting a confirmation candle (a follow-up to yesterday's rejection) to validate that the top is in place. If we witness follow-through selling pressure today or tomorrow, it could present an excellent swing short opportunity, with the following targets established:
- **Target 1 (TP1):** 3295
- **Target 2 (TP2):** 3250
- **Target 3 (TP3):** 3200
- **Target 4 (TP4):** 3170
- **Target 5 (TP5):** 3070 (psychological support level)
Stay vigilant and ready for potential short opportunities as the market unfolds. Let’s see if the signals align for a successful trade. Happy trading!
XAUUSD XAUUSD XAUUSD XAUUSD Trade active
Target one has been completed.Trade closed: target reached
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👇 Website
srfxglobal.com/
👇 Telegram
t.me/SRFXGlobal
👇 YouTube
youtube.com/@srfxglobalsl?si=hbM2z2PURtIHCQvz
👇 X
x.com/SRFL1111
👇 Facebook
web.facebook.com/Friendship0002
srfxglobal.com/
👇 Telegram
t.me/SRFXGlobal
👇 YouTube
youtube.com/@srfxglobalsl?si=hbM2z2PURtIHCQvz
👇 X
x.com/SRFL1111
web.facebook.com/Friendship0002
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.