Last week's price action was mostly range-bound, characterized by sharp spikes in both directions but lacking a clear trend—challenging conditions for medium-term swing traders.
In my last two posts, I shared a moderately bullish bias and even managed a sniper entry at the NFP low. However, Gold failed to sustain upward momentum, so I opted to close the trade with a modest 100-pip profit.
Looking at the bigger picture, bulls have shown resilience around the 2620 level. Even last night’s losses were quickly reversed after the market opened, which is another encouraging sign for bullish momentum.
That said, a critical resistance level around 2655 continues to cap any medium-term uptrend. For a more substantial move—potentially 400-500 pips—this resistance must be decisively broken.
I maintain my bullish outlook and will look to enter on dips. If and when the price breaks above the 2655 resistance level, I plan to double my position to capitalize on the potential upside.
However, a daily close below 2620 would invalidate this scenario and prompt me to reassess my strategy.
In my last two posts, I shared a moderately bullish bias and even managed a sniper entry at the NFP low. However, Gold failed to sustain upward momentum, so I opted to close the trade with a modest 100-pip profit.
Looking at the bigger picture, bulls have shown resilience around the 2620 level. Even last night’s losses were quickly reversed after the market opened, which is another encouraging sign for bullish momentum.
That said, a critical resistance level around 2655 continues to cap any medium-term uptrend. For a more substantial move—potentially 400-500 pips—this resistance must be decisively broken.
I maintain my bullish outlook and will look to enter on dips. If and when the price breaks above the 2655 resistance level, I plan to double my position to capitalize on the potential upside.
However, a daily close below 2620 would invalidate this scenario and prompt me to reassess my strategy.
Note
The overall picture on Gold and how I see it and interpret itTrade active
Break above 2660 seems very probable.Although I don't buy breaks on Gold, I did it this time
Trade closed: target reached
2685 reached
📈 Forex & XAU/USD Channel:
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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
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.