Gold- The start of a meaningful correction?

[m_c_jacob]

Since Monday, I’ve been writing about the high probability of a correction after Gold’s impressive rise that started on 20 August.
My point was simple: even the strongest bullish trends are not one-way streets — retracements are part of the journey.

Yesterday proved that idea once again. After initially finding support near the 3860 zone, Gold staged a weak bounce, even printing a fresh but fragile ATH.
However, that move was quickly reversed as sellers stepped in aggressively, triggering four consecutive hours of selling, almost a mirror image of Tuesday’s drop.

From the local low at 3818, Gold managed a rebound and, at the time of writing, trades around 3846 — a natural recovery after such a sharp decline.

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The Bigger Picture
The broader trend is undeniably bullish, and I don’t expect that to change anytime soon. But a more meaningful correction looks increasingly likely in the coming days.

Why do I call it meaningful? Because if we zoom out on the daily chart, we see that since late August, Gold has been in a near straight-line rise. Apart from a two-day pullback in mid-September and a minor setback on the 24th, every dip has been shallow, intraday, and quickly erased.
This type of price action cannot last forever. Markets need breathers, even in uptrends.

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Key Technical Levels
• Resistance: The 3900 zone now acts as a strong ceiling, capping bullish attempts.
• Support: Bears could eye the 3790 zone first, with the potential for a deeper move toward 3700 if pressure intensifies.

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Trading Plan
The strategy, in my view, remains unchanged: sell rallies until a proper correction develops.
The big trend is still bullish — but even bulls must allow the market to breathe.