Gold at All-Time Highs – Blow-Off or Breakdown?

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Gold has just printed new all-time highs, but I’m approaching with caution. At these levels, everyone long is in profit — leaving no trapped buyers above and only liquidity for smart money to grab.

We kicked off the session with an impulsive spike higher, but this may have been a stop run and liquidity sweep rather than the start of another leg up. If price struggles to hold above that spike or fails on a re-test, we could see sellers step in, targeting the 4H FVG zone below.

For now, I’m watching:

A possible revisit of yesterday’s high to “fix” lack of excess on the DOM

London session reaction to today’s spike high

Potential short setups if buy-side momentum stalls

NY session might deliver the day’s best move, but we could see early opportunities in the Asian and London sessions if price confirms a shift in order flow.

What do you think? Is this a blow-off top in the making, or do buyers have one more push?

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