Gold Daily Rejection at ATH Signals Potential Correction Phase?

Apr 2

The price has entered the projected topping zone that we discussed in previous posts, with increased volatility in the 3,100-3,150 range. This aligns perfectly with earlier forecast. The current situation presents two likely scenarios:

Scenario 1: Pullback and Double Top

If bears manage to keep the price below the previous day's high , we could see a pullback to the first support area around 3,050-3,060. From there, price might bounce back up to retest the all-time high, forming a double top pattern before beginning a more significant move to lower levels.

Scenario 2: Direct Move to Major Support
Alternatively, we could see a more decisive move down, bypassing the intermediate support and heading directly to the high-volume support zone visible on the volume profile around 2,900-2,880.
for Intraday the Major Support is at 3100-3110 zone , resistance is at PDH.

Apr 7

Trade active

Target Hit