Gold Futures – Hedge Within a Larger Bullish Wave (Weekly)Gold FuturesCOMEX:GC1!JoshuaDanford🟡 Gold Futures – Hedge Within a Larger Bullish Wave (Weekly) Zooming out to the weekly timeframe, gold has extended aggressively into the 2.618 Fib extension (~3,778), a level that historically marks exhaustion points in strong trends. Volume profile also shows a lack of heavy participation above, meaning this is an overextended zone that can invite corrections. That said, the structural trend remains firmly bullish. Gold has been in a secular uptrend, and each consolidation/throwback over the past decade has set up for higher highs. From a macro perspective, dips remain buying opportunities — but risk management matters when price stretches this far, this fast. 🔍 Long-Term Context Gold has already cleared the 1.618 extension (~2,734) and ran nearly straight into the 2.618 (~3,778) without meaningful retrace. Volume profile shows thin participation between ~3,200 and 3,600 — fast moves can cut both ways here. Stronger long-term support sits around 3,390 (high-volume node) and further down at ~2,730 and ~2,090 (Fib levels + prior consolidation zones). ⚖️ Strategy Update Long-term bias: Bullish. Macro backdrop (Fed easing cycle, fiscal imbalances, central bank buying) favors higher gold over time. Short-term hedge: Valid. With price testing a 2.618 Fib extension, we expect corrective pullbacks before continuation. A hedge here reduces risk of giving back profits without abandoning the larger uptrend. Plan: Maintain hedge positioning near 3,758–3,771 (as outlined in the short-term plan). If pullback develops, scale out at key supports (3,701 → 3,587 → 3,510). If price breaks and sustains above 3,790, hedge is invalid and we reset for long continuation. 📊 Perspective: The weekly chart confirms why a hedge here makes sense — gold has run into a historically significant Fib extension with thin volume structure above. This doesn’t negate the long-term bull trend, but it increases the probability of a corrective throwback. Protecting gains with a short hedge while respecting the bullish macro bias keeps us balanced.