Gold Forecast Today | Bullish Correction | Forex

Gold continues to gain momentum within its short-term uptrend, showing significant strength as it approaches critical bullish targets. Yesterday, gold reached its first target near 2700, with the next level set at 2721.

Traders who entered long positions above 2666 have opportunities to partially close these trades today while shifting stop-losses to the breakeven level for risk management.

However, caution is warranted if the price dips below 2673, signaling a potential continuation of the downward correction. A retest of key support levels between 2634 and 2626 could occur under such conditions, presenting opportunities for short trades or a reevaluation of long-term positions.

Key Levels to Watch

• Bullish Targets: 2700 (achieved), 2721 (next)
• Support Levels: 2673 (short-term), 2634 - 2626 (key support)
• Strategy Highlights:
  • Consider new long trades above 2666.
  • Monitor for price action below 2673 to confirm downward corrections.

Conclusion

Gold's ongoing uptrend aligns with favorable trading conditions for bullish traders. However, keeping an eye on pivotal support levels is crucial for managing risks in this dynamic market.