GOLD - Is it making a strong CORRECTION downwards?
Fed rate cut bets drive gold to all-time high
Gold prices extended gains to hit a record high on Friday on expectations of interest rate cuts by the Federal Reserve.
Gold prices rose sharply to 2,571 and crossed our targets of 2,540 and 2555.
Generally, the direction is uptrend
Downtrend Side: Currently, gold faces a resistance level at 2571, along with a regression trend limiting its upward movement. Trading below the 2571 resistance and the downward trendline may cause the price to decline towards 2554. A break below this level could lead to a drop towards 2529.
Uptrend Side: However, a decisive break above the 2571 level and the downtrend line could trigger a rise to new levels, such as 2600.
CORRECTION: Beware of strong correction
Gold prices extended gains to hit a record high on Friday on expectations of interest rate cuts by the Federal Reserve.
Gold prices rose sharply to 2,571 and crossed our targets of 2,540 and 2555.
Generally, the direction is uptrend
Downtrend Side: Currently, gold faces a resistance level at 2571, along with a regression trend limiting its upward movement. Trading below the 2571 resistance and the downward trendline may cause the price to decline towards 2554. A break below this level could lead to a drop towards 2529.
Uptrend Side: However, a decisive break above the 2571 level and the downtrend line could trigger a rise to new levels, such as 2600.
CORRECTION: Beware of strong correction
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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