Gold Hits New ATH Amidst Volatility: Preparing for a Correction?

If you’ve been following my analyses over the past 10 days, you’ll know that I’ve maintained a bullish outlook on gold, anticipating a rise above 2500.
Although last week was marked by strong volatility, and two of my long trades didn’t hit their targets—one closing at break-even and the other with a modest 40-pip profit—the overall outcome has been quite satisfactory, with gains totaling around 600 pips.

Looking ahead, while the overall trend remains strongly bullish, I now expect some correction. As shown on the posted chart, the price reached the resistance of the channel in which gold has been trading recently.
After hitting a new ATH yesterday at 2530, the price encountered significant volatility, likely due to profit-taking, which often signals a temporary top.

As I highlighted in an update during yesterday’s trading session, the key level for bulls to watch is around the 2505 zone. A break below this level could lead to a decline towards the crucial support at 2480.
With this in mind, I’m looking to sell rallies against yesterday’s high, targeting the 2480 level.

交易進行

Gold is on the verge of a down break under confluence support.
The first target could be interim support at 2498
Second at 2485