Gold’s Sell-Off Continues: Is 2850 the Next Target?

3 天前

It has been a rough week for Gold bulls.
After reaching a new all-time high on Monday, Gold experienced a sharp sell-off, breaking multiple support levels—just as I highlighted in my recent analyses.

Yesterday, I pointed out that the 2880 support level was unlikely to hold and that a drop toward 2850 was the most probable scenario. Overnight, Gold hit a low of around 2856, which now raises the key question: is the correction nearing its end, or is there more downside ahead?

What’s Next?

✅ Bearish Continuation: Now the mid-term trend turned bearish. Gold is known for its strong directional moves, and history suggests that once momentum picks up, the asset rarely stops immediately. As long as Gold trades below 2880, the path of least resistance remains to the downside.
✅ Key Resistance at 2880: This level, previously a support, has now turned into a significant resistance zone. A retest of this area could present new selling opportunities for traders looking to join the trend.
✅ Potential Rebound from 2850: Although the trend favors further downside, the 2850 zone is a critical area of interest. Given the size of the recent decline—nearly 1,000 pips in just a few days—a short-term bounce cannot be ruled out. However, any bullish move would need strong confirmation before considering long positions.

Conclusion:

Selling rallies into resistance remains the safer strategy, while buyers should exercise caution and wait for clear signals before stepping in.

Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.

3 天前

交易結束：目標達成

2850 target reached