Gold has embarked on a robust bull run after testing the support at 1990, rebounding sharply without experiencing the typical correction. The market is currently in a severe overbought state.
A key resistance level for gold was previously at 2145, which was slightly breached today but quickly fell back following Powell's speech.
Although gold is still in a bullish trend, I will consider a short position based on the resistance level and the need for a correction.
No.1 Gold continues to rise to a new high above 2145. No.2 Gold initiates a correction before the next significant movement. I expect the correction A-B-C to be completed in the coming days.
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