Peter Smith
● Gold's remarkable rally has pushed spot prices ($XAU) past 4.27 million in quoted units, driven by a worldwide surge in physical gold buying. Yet despite the bullish momentum, some traders are taking a measured approach.
● Dr.Artote shared their strategy: "I don't want to buy where everyone has already started buying. I prefer to wait for a proper correction and then enter." This cautious stance reflects a key dilemma—join the rally at record highs or wait for a safer entry point.
● The risk of chasing parabolic moves is real. While momentum could push prices even higher, sharp corrections often follow vertical rallies. For traders who bought earlier, the situation is different.
If I bought from the dip, I won't sell. Maybe it goes 50% higher from here, I don't care, I'll wait for a correction to buy.
● Technical charts suggest potential support zones if prices retrace: around 3.45M (-19%), 3.27M (-23%), 2.95M (-31%), and 2.56M (-40%). These levels could offer re-entry opportunities for patient traders.
● The broader picture shows gold's surge reflects mounting demand for hard assets amid currency concerns and economic uncertainty. While many rush to secure bullion at any price, experienced traders emphasize discipline—waiting for corrections to maximize risk-adjusted returns rather than buying at peaks.
● The tension between FOMO and patience remains the central challenge for those watching gold's historic climb.
Peter Smith
