4/23 Gold Trading Strategy

Gold saw a sharp decline from 3500 to around 3360 yesterday, and our selling strategy delivered significant returns.

Over the weekend, Trump stated he has no intention to fire Powell and hinted at easing trade tensions. This quickly dampened market risk aversion, causing gold to plunge at the open today to near 3320. The downward momentum remains strong.

In this kind of market, flexibility is key. A sharp drop is usually followed by a rebound, but the strength of that rebound is what matters. Technically, the potential bounce is estimated at around $50, but whether the price continues to rise or resumes its decline will depend on how the market digests the news.

Technical levels (excluding news impact):

Key resistance: 3410–3440

Key support: 3328–3303

Considering the news:

Key resistance: 3346-3372

Key support: 3298–3268

Trading Strategy for Today:

Sell between 3410–3440

Buy between 3297–3267

Trade flexibly within 3386–3332 / 3296–3328

Note

✅ Gold has already risen $20, and current long positions are in healthy profit!

📌 Trade Suggestion:

For conservative traders: consider closing all positions now and wait for a pullback to re-enter.

For those aiming for steady gains: you can take partial profits and hold the rest, anticipating further market movement.

🎯 The key here is to lock in gains while staying flexible.

Trade active

As of now, gold has reached a high of 3387, entering the 3386–3332 flexible trading zone. It then dipped into the 3297–3267 buy zone, rebounded to 3340, and subsequently broke below 3300 again.

Judging by the current bearish momentum, the price is likely to extend downward toward the 3260–3233 zone, which could offer another opportunity for long entries. However, be mindful of position sizing. If bearish pressure continues to build, a further drop toward 3213 cannot be ruled out.

Note

The long position entered at 3260 has now reached 3280,
Conservative traders may consider closing the position to secure profits.

Trade closed: target reached

This rebound is likely to surpass the previous high of 3387. It's advisable to continue building long positions at lower levels and wait for the price to rise.
For those who prefer short-term volatility trading, consider operating flexibly within the 3328–3386 range to take advantage of intraday fluctuations.

China_MsWang

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4/22 Gold Trading Strategy

by China_MsWang

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