Technical Analysis:
Gold is currently trading near an important resistance level around 2520, according to Fibonacci analysis. This level could act as a significant barrier, and as per wave analysis, wave 5 is still unfolding. I’ve mentioned several times that we are nearing the end of this wave, which means breakout traders may get trapped if they enter now. Therefore, caution is advised. Despite my overall bullish outlook, I’m currently focusing on short positions with a stop loss of 4-5 dollars, aiming for a reward of 10-15 dollars. While my bias remains bullish, I believe a dip is necessary before the next leg higher. In the short term, I expect some retracement moves.
Disclaimer: Trading involves inherent risks and may not be suitable for everyone. Past performance is not indicative of future results. It is important to carefully consider your financial situation and risk tolerance before engaging in trading activities