Gold - Starting A Major -25% Correction!
Updated
Gold (
GOLD) is starting to reject resistance:
Click chart above to see the detailed analysis👆🏻
After rallying an incredible +35% during 2024, Gold is now (finally) starting to show some expected weakness at a major resistance trendline. Following this quite significant overextension, it is quite likely that we will see at least a short term bearish correction now.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
GOLD) is starting to reject resistance:Click chart above to see the detailed analysis👆🏻
After rallying an incredible +35% during 2024, Gold is now (finally) starting to show some expected weakness at a major resistance trendline. Following this quite significant overextension, it is quite likely that we will see at least a short term bearish correction now.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
The next couple of months will be very decisive for Gold because if Gold actually manages to break above the upper resistance trendline of the rising channel, we will see a repetition of the breakout cycle of 2009. So far however, Gold is still not totally bullish and a move lower is still within reasonable reach.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
Trade closed: target reached
Trading update on Gold (GOLD):
Click chart above to see the detailed analysis👆🏻
With the recent significant volatility on Gold, it seems like nobody knows what will happen next and everybody is preparing for the worst. Gold is currently shaking out most people, however if we look at market structure, it is simply quite likely that after retesting resistance, we will see a drop on Gold.
Levels to watch: $2.700, $2.000
Keep your long term vision,
Philip (BasicTrading)
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