Good morning, everyone!
I’ve unfortunately injured my lower back and will need to rest in bed for a while, so I’ll keep today’s market commentary brief.
Yesterday, gold rallied to test the 3400 level, a key psychological and technical resistance area that naturally triggered notable selling pressure. Given this, chasing long positions at current levels is not recommended.
On the downside, support is seen near 3378. If this level holds, the price may attempt another rebound. On the upside, key resistance levels to watch are:
3407 as the initial resistance
3416–3423 as the stronger resistance zone
For today’s trading strategy, consider focusing on selling into strength near resistance levels. Once the selling pressure is absorbed, there may be an opportunity to re-enter on the long side at lower levels, allowing for better risk management and entry conditions.
I’ve unfortunately injured my lower back and will need to rest in bed for a while, so I’ll keep today’s market commentary brief.
Yesterday, gold rallied to test the 3400 level, a key psychological and technical resistance area that naturally triggered notable selling pressure. Given this, chasing long positions at current levels is not recommended.
On the downside, support is seen near 3378. If this level holds, the price may attempt another rebound. On the upside, key resistance levels to watch are:
3407 as the initial resistance
3416–3423 as the stronger resistance zone
For today’s trading strategy, consider focusing on selling into strength near resistance levels. Once the selling pressure is absorbed, there may be an opportunity to re-enter on the long side at lower levels, allowing for better risk management and entry conditions.
I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Related publications
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.
I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Related publications
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.