Over the weekend, after Gold reached a new peak at $4,375/ounce, it experienced a sharp correction within the same day, losing nearly $200.
Although the market saw a slight recovery in the early Monday session, after nine consecutive weeks of gains, selling pressure has started to appear — with more technical selling and profit-taking seen in Western markets.
According to experts, Gold has never risen for 10 straight weeks, so this week there is a high possibility of a correction ranging from $100–$300. However, Gold is still expected to hold above the $4,000 level, maintaining its upward momentum in preparation for a medium- to long-term bullish trend.
Currently, Gold may experience profit-taking and unexpected volatility, but overall, the bullish momentum remains intact. Once a solid bottom is established, Gold is likely to continue rising, with potential breakouts expected toward the end of the year as demand strengthens.
Technical Analysis:
In the short term, Gold may see a mild rebound driven by Asian session trading activity but will likely start a correction wave once it reaches the Fibonacci 0.5–0.618 zone at $4,28x–$4,300/ounce.
=> Watch for Sell opportunities at $4,282 and $4,300, with Stop Loss above $4,31x and Target around $4,18x or as low as $4,11x/ounce.
Trí Hùng
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