Gold is currently trading within a narrow range between 3018 and 3040, reflecting clear indecision in the market. This sideways consolidation suggests neither buyers nor sellers are fully in control, with price temporarily caught in a holding pattern.
Key levels to watch:
• Potential buys above 3042: A confirmed break and hold above this level could open the door toward 3052 and beyond, especially if momentum kicks in. This area may attract breakout traders eyeing continuation toward previous highs.
• Potential sells below 3018: A clean breakdown under this support could trigger sharp downside, targeting levels around 3010 or even 3000 depending on follow-through volume and sentiment.
For now, price is respecting both edges of the range. Be cautious of fakeouts near the boundaries—wait for confirmation and clean structure before jumping in. Ranging conditions like this often precede significant moves, so staying patient could pay off big.
Key levels to watch:
• Potential buys above 3042: A confirmed break and hold above this level could open the door toward 3052 and beyond, especially if momentum kicks in. This area may attract breakout traders eyeing continuation toward previous highs.
• Potential sells below 3018: A clean breakdown under this support could trigger sharp downside, targeting levels around 3010 or even 3000 depending on follow-through volume and sentiment.
For now, price is respecting both edges of the range. Be cautious of fakeouts near the boundaries—wait for confirmation and clean structure before jumping in. Ranging conditions like this often precede significant moves, so staying patient could pay off big.
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.