gold is looking bullish, will hit 2345 soon.
Based on my technical analysis, gold has reached an all-time high with a current price of $2,469 USD. Indicators on the daily chart suggest that gold is currently overbought, and a retracement is likely. Historically, gold tends to drop after forming a new high, and it is now forming its third consecutive peak in this pattern.
Considering this, I predict a bearish movement of approximately 350 pips, bringing the price down to around $2,445 USD before potentially resuming its upward trend. This prediction is supported by past price behavior and overbought conditions observed in the market.
It is crucial to use stop-loss orders and follow risk management practices to mitigate potential losses during this anticipated retracement.
Considering this, I predict a bearish movement of approximately 350 pips, bringing the price down to around $2,445 USD before potentially resuming its upward trend. This prediction is supported by past price behavior and overbought conditions observed in the market.
It is crucial to use stop-loss orders and follow risk management practices to mitigate potential losses during this anticipated retracement.
Trade closed: target reached
TP 1 HITshift SL at entry point
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