Gold- Target and new ATH reached. Now what?In my analysis yesterday, I mentioned that Gold would likely reach a new all-time high (ATH), but for that to happen, it was crucial for bulls to hold strong at the 3025-3030 support zone.
Indeed, Gold made a new ATH, reaching my target zone of 3080 overnight. I closed my buy trade with a profit of 550 pips.
Now, the key question is: Whatโs next?
In my opinion, thereโs a strong possibility that Gold will continue its upward movement and test the 3100 level. However, at the current price of 3075, entering a buy trade is not justified from a risk perspective.
For now, Iโm staying out of the market. If a retracement occurs, Iโll be watching the 3050 zone closelyโmost importantly, Iโll assess how the market reacts at that level before making any decisions.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.