In reality, Gold will almost certainly not have any further buying opportunities today.
Based on the current price movement, Gold has reached 4960 - while yesterday's peak was at 4940.
In other words: The price is likely to continue rising from here towards $5,000. Although there's a possibility of a drop to test 4940 before rising again, establishing a buy order will be difficult (SL is below 4930 - the nearest price tail).
The difficulty I'm referring to here is: The feeling of buying halfway to the "peak" won't inspire confidence, nothing else.
Forecast:
- The current upward momentum is heading towards the 4980 mark first.
- Next is the 5022 area and the extreme at 5044.
Because the $5000 mark is a round number, it's uncertain whether profit-taking will occur near $5000 or when the price exceeds $5000.
Today's Recommendation:
- Only accept the risk if the price reaches 5044.
- Or monitor 5044; if the price quickly drops below 5022, consider it a market correction.
Only buy at 4940 (as mentioned above) if: The current (and subsequent) price candle extends the upward momentum – maintaining above 4960. Only then will the price increase be confirmed, and you can buy on the pullback at 4940.
If the price starts to reverse and fall from the current level, it may head towards 4906 before rising. An extreme scenario would see the price drop to 4894 (low probability).
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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