Yesterday was another relatively quiet day for gold traders, with the price fluctuating within a narrow 100-pip range and ending with an indecisive daily close.
As I mentioned in yesterday's outlook, despite the recent weeks of range-bound trading, the overall trend remains bullish, and a new all-time high is likely on the horizon.
However, for this bullish momentum to continue in the near term, the 2480 level must hold.
As shown in the posted chart, this zone has acted as both support and resistance since mid-August.
My strategy for a swing trade is to buy on dips, ideally near the 2480 level, with a target of reaching the top of the range around 2530.
As I mentioned in yesterday's outlook, despite the recent weeks of range-bound trading, the overall trend remains bullish, and a new all-time high is likely on the horizon.
However, for this bullish momentum to continue in the near term, the 2480 level must hold.
As shown in the posted chart, this zone has acted as both support and resistance since mid-August.
My strategy for a swing trade is to buy on dips, ideally near the 2480 level, with a target of reaching the top of the range around 2530.
Trade active
There is a high chance of a double bottom on the short term and a higher low.Gold could have finished correction
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.