New All-Time Highs for Gold – Yet the Market Is Running on Fumes

[m_c_jacob]

As explained in my Sunday video, the new all-time high for Gold is not a question of if, but how high it can rise once it firmly breaks above 3900.

Indeed, Gold has continued its unstoppable march, printing ATH after ATH, with the latest one formed during today's Asian session at 3977 — another almost 1,000 pips gained since Friday’s close.
At this point, there are two undeniable facts every trader recognizes:

1. The trend is extremely bullish.
2. A correction is long overdue.

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Technical Outlook
The recent rally remains contained within an aggressive rising channel, but the overlapping highs in the last few hours reveal signs of exhaustion.
A confirmation for even a minor correction — and in this case, with Gold moving vertically, a 500-pip retracement would count as minor — would come with a break below the 3955–3850 zone.
Such a move would likely open the door for a retest of the 3900 area, which now serves as a key support.

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Trading Plan
At the time of writing, I’m holding a short position, fluctuating near entry, with small alternating gains and losses.
While I do expect a pullback, I also keep in mind Keynes’s timeless reminder:
“The market can remain irrational longer than you can remain solvent.”
That’s why my stop loss is tight, and my focus is on discipline over prediction.