The most recent move on Gold saw a sharp drop that was quickly recovered, likely sweeping stops and trapping sellers before price aggressively reversed from the lower boundary of the projected channel. This is not a cause for concern; on the contrary, it could offer another opportunity to get involved.
That is because this type of drop and recovery is common in strong uptrends before bullish momentum resumes.
The market is likely in the early stages of a new impulsive leg to the upside right here.
We could either see a short-term consolidation or pullback toward the 4,330–4,300 support area before continuation, or Gold could simply push straight upwards. Given the current momentum, the latter remains entirely plausible.
My target will be around 4,600, near the upper boundary of the projected channel resistance.
In this context, the market remains clearly bullish. The most interesting aspect is the emotional flush during the latest drop, trapping sellers before potentially fueling another major leg higher.
That is because this type of drop and recovery is common in strong uptrends before bullish momentum resumes.
The market is likely in the early stages of a new impulsive leg to the upside right here.
We could either see a short-term consolidation or pullback toward the 4,330–4,300 support area before continuation, or Gold could simply push straight upwards. Given the current momentum, the latter remains entirely plausible.
My target will be around 4,600, near the upper boundary of the projected channel resistance.
In this context, the market remains clearly bullish. The most interesting aspect is the emotional flush during the latest drop, trapping sellers before potentially fueling another major leg higher.
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Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.