Gold : Need a reset ?
Gold price is testing the daily resistance (R1) and price did not breakout this pivot resistance on daily ,we have seen a massive bull run on gold so we can consider following case for short to mid term from here :
Short-Term :there's a likelihood of a short-term pullback or consolidation (Don't take this as a sell call from me , I am still holding all my buy trades and will add on pullback). This would be a healthy (Yes and this will be a normal correction if it happen) move after a strong uptrend, allowing the market to digest gains. Watch for support at the green trendline and at the previous ATH.
Mid-Term: The strong volume during this uptrend suggests that there's still significant interest in buying gold ,so overall market structure and trend is bullish and we can re-buy from lower levels after a good confirmation.
Short-Term :there's a likelihood of a short-term pullback or consolidation (Don't take this as a sell call from me , I am still holding all my buy trades and will add on pullback). This would be a healthy (Yes and this will be a normal correction if it happen) move after a strong uptrend, allowing the market to digest gains. Watch for support at the green trendline and at the previous ATH.
Mid-Term: The strong volume during this uptrend suggests that there's still significant interest in buying gold ,so overall market structure and trend is bullish and we can re-buy from lower levels after a good confirmation.
✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Related publications
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.