No Bottom Yet: Gold’s Technical Targets Point LowerSince Monday, I’ve been saying that Gold hasn’t finished correcting, and the price action is now confirming that view. The drop continued with breaks below two key levels: the 3300 figure and the 3270 support, which was the recent low.
After some sideways action (a bit of a limbo), we finally got the clean breakdown. At the time of writing, price sits at 3248, having just bounced slightly from the 3240 support, which aligns with mid-April’s ATH.
Now comes the big question: Is Gold done correcting?
In my opinion, not yet – and here’s why:
Technical reasons for further downside:
1. The break below 3270 is significant and opens the door to deeper correction.
2. We now have two measured targets:
📉 Measured range target: ~1000 pips → puts price below 3200.
📉 First leg down: ~2500 pips → could push price closer to the 3000 zone.
Trading Plan:
The strategy remains unchanged: sell the rallies. As long as price stays below 3270-3290 zone, downside continuation is the base case.
A move towards at least 3200 looks very probable – and deeper levels can't be ruled out.
Don’t rush to call a bottom – let the market show when the correction is really done. Until then, the bias stays bearish. 🚀
P.S: Expect great volatility to remain
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