Gold futures gained fresh upward momentum today, climbing to yet another new high. The price is now trading well inside our red Short Target Zone, which ranges from $5,416 to $6,362.
We will take Profits here on ALL Gold longs and maybe even open a short.
We do have a bit of room left inside the target zone, but as soon as the upwards momentum comes to a halt, we anticipate the completion of the larger green wave [w], which should trigger a significant reversal to the downside. Accordingly, we are preparing for a major decline phase—starting with a break below the support levels at $4,197 and $3,901.
Traders looking to capitalize on this move can consider short entries within our red Target Zone. For risk management, a stop can be placed 1% above the upper edge of the zone.
We will take Profits here on ALL Gold longs and maybe even open a short.
We do have a bit of room left inside the target zone, but as soon as the upwards momentum comes to a halt, we anticipate the completion of the larger green wave [w], which should trigger a significant reversal to the downside. Accordingly, we are preparing for a major decline phase—starting with a break below the support levels at $4,197 and $3,901.
Traders looking to capitalize on this move can consider short entries within our red Target Zone. For risk management, a stop can be placed 1% above the upper edge of the zone.
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Related publications
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.
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Related publications
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.