Gold Analysis – Correction Not Yet Over (IMO)

yesterday

Yesterday, after printing a new ATH at 3674, Gold sold off aggressively and overnight reached a low of 3620.

Now the key question: Is Gold done correcting?

👉 My answer: Not yet.

Here’s why:
1. The 550 pip drop from the top is barely scratching the surface compared to the 3500 pip rally in the last two weeks.
2. Yesterday’s daily candle is a bearish pin bar. While this pattern is weaker in strong uptrends, it can still trigger continuation.
3. Structurally, the market looks like it’s forming an ABC correction. The current rebound may be wave B, with wave C expected to target the 3570 zone.
4. Confluence supports act like magnets once corrections begin. The zone I’m watching aligns with the 23% Fibonacci retracement, which fits perfectly with the correction scenario.

📌 Trading Plan:
As long as 3675 holds, I remain bearish in the short term. The best strategy is to sell rallies against the ATH, targeting deeper retracement levels.

yesterday

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Gold has reached a ceiling