The recent overnight rally in the market has been quite promising, especially with the emergence of a new BUY signal on our Gold on Steroids System.
This development has certainly caught the attention of many investors and traders alike. However, it is important to note that the price cycle seems to have advanced significantly, indicating a potential overextension. As a result, it is reasonable to anticipate a pullback in the near future. This corrective phase is likely to bring the price back into alignment with the Fair Value Gap levels, which are forecasted to be around 2731, 2727, or 2723. Such a retracement could offer a valuable opportunity for market participants to reassess their positions and potentially capitalize on the subsequent price movements. Looking ahead, once the pullback occurs and the price stabilizes, we can expect a renewed upward momentum targeting the 2740 level. This projected target serves as a key reference point for traders to monitor and potentially act upon as the market dynamics unfold in the coming hours.
Good trading.
Chris
head Coach & Trader for over 30 years
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