Gold surged to 3675 before quickly falling, reaching a low of 3625. A $50 pullback isn't significant, as the overall bullish trend remains unchanged on the hourly chart. However, this rapid pullback has weakened the strong bullish momentum, indicating a high probability of continued high-level fluctuations. A rapid pullback following a rapid short-term surge is normal. Gold hasn't reached its peak, but this extreme, one-sided rally is expected to be coming to an end.
Therefore, short-term upside potential is limited, and the current one-sided rally from 3310 is nearing its end! If you open a long position today, avoid blindly chasing the trend and patiently wait for a suitable pullback. If gold continues to form a minor bottom above 3610 or the current 3620 area, you can still open a long position, but only for a short-term, quick entry and exit strategy.
In terms of both the cycle and the scope, gold is expected to experience a significant downward correction in the second half of this week. The precise timing of this decline will depend on the market structure and its timing.
In short, the current one-sided rally is nearing its end, and will subsequently peak and decline. If the Fed's rate cut next week further boosts the market, gold will experience a second wave of gains, potentially even larger than this one.
This is the general trend of gold's recent performance, so just keep it in mind!
The period from now to next week is a critical short-term window for gold. I will closely track and analyze the market every day. If you lose your direction in such a market, you can follow me or leave me a message.
Gold Strategy
For today's short-term outlook, if the price stabilizes around 3620, you can still open a short-term long position with a stop-loss at 3600. If it falls below 3600, then a breakout would signal a short-term market correction.
Therefore, short-term upside potential is limited, and the current one-sided rally from 3310 is nearing its end! If you open a long position today, avoid blindly chasing the trend and patiently wait for a suitable pullback. If gold continues to form a minor bottom above 3610 or the current 3620 area, you can still open a long position, but only for a short-term, quick entry and exit strategy.
In terms of both the cycle and the scope, gold is expected to experience a significant downward correction in the second half of this week. The precise timing of this decline will depend on the market structure and its timing.
In short, the current one-sided rally is nearing its end, and will subsequently peak and decline. If the Fed's rate cut next week further boosts the market, gold will experience a second wave of gains, potentially even larger than this one.
This is the general trend of gold's recent performance, so just keep it in mind!
The period from now to next week is a critical short-term window for gold. I will closely track and analyze the market every day. If you lose your direction in such a market, you can follow me or leave me a message.
Gold Strategy
For today's short-term outlook, if the price stabilizes around 3620, you can still open a short-term long position with a stop-loss at 3600. If it falls below 3600, then a breakout would signal a short-term market correction.
If you have questions about the direction of gold, crude oil, Bitcoin, and Ethereum, you can follow me.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
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.
If you have questions about the direction of gold, crude oil, Bitcoin, and Ethereum, you can follow me.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
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.