Gold Soars to Break Bearish Trend - Expected Correction Ahead!

Today, gold managed to achieve a remarkable growth, breaking completely out of its downward trend.

Important resistance for gold lies between 2084 - 2088, and I expect that with the market opening next week, it will start a corrective move from this range or slightly higher at 2092 - 2096.

We have several reasons:
Firstly, the downtrend line has been breached, indicating the need for further buying pressure to sustain the upward momentum, which typically requires a correction in a financial market.
This rapid and extraordinary rise in the price of gold without any fundamental news or geopolitical tensions is unlikely and deceiving.

In my opinion, the targets for the downside move could be 2077 - 2064 - 2052.

I hope we all have a great weekend ahead! ❤️

Trade active:

Let's go see what gold is up to... 🤔

My long-term target will be to reach 1970.

Comment:

We'll see the results next week.
Enjoy the rest of your week, I hope you have a blast! 🎉

Comment:

I hope everyone had a great weekend! 🌟

After the market opens, if needed, I'll update you on the analysis.
Our weekly target for gold could see a downward trend to 2065 with a 100% probability! 👀

Order cancelled:

Gold has completely and powerfully broken out of the downtrend and all the red zones have turned into support! 🌟

We expected a pullback from the resistance zone at 2096, but it broke forcefully and the trade is canceled. 📉