The combination of fundamental influences and technical patterns led to a sharp surge in gold prices after the market opened yesterday. The upward momentum only slowed during the New York session, but prices remained above 3100. However, after this rally, the technical setup is not particularly favorable for bulls. That said, if fundamental factors continue to support the market, any technical pullback could provide another buying opportunity for bulls.
Key Considerations:
🔸 Besides technical factors, we need to monitor geopolitical tensions—if the situation eases, demand for gold as a safe haven could decrease.
🔸 If tensions escalate further, gold is likely to rise, making it unwise to blindly short the top. Instead, we should adjust our trading strategy based on market developments while using technical patterns for entry and exit points.
🔸 If a pullback occurs, support is seen around 3109.
🔸 If the price continues upward, given current market conditions, a single rally is unlikely to exceed $30, so the first resistance zone is estimated at 3136-3145.
Trading Strategy for Today:
📈 Buy in the 3111-3101 range
📉 Sell in the 3135-3145 range
Stay flexible, follow the market closely, and adjust strategies accordingly. Let me know if you need further insights!
Key Considerations:
🔸 Besides technical factors, we need to monitor geopolitical tensions—if the situation eases, demand for gold as a safe haven could decrease.
🔸 If tensions escalate further, gold is likely to rise, making it unwise to blindly short the top. Instead, we should adjust our trading strategy based on market developments while using technical patterns for entry and exit points.
🔸 If a pullback occurs, support is seen around 3109.
🔸 If the price continues upward, given current market conditions, a single rally is unlikely to exceed $30, so the first resistance zone is estimated at 3136-3145.
Trading Strategy for Today:
📈 Buy in the 3111-3101 range
📉 Sell in the 3135-3145 range
Stay flexible, follow the market closely, and adjust strategies accordingly. Let me know if you need further insights!
Trade active
The short position has made a profit, waiting to enter the buying range of 3103-3093, pay attention to risk control, if you have any questions, please leave a messageTrade closed: target reached
Gold prices have risen, and buy positions from 3103-3093 are now in profit. You can choose to close your position to secure gains or hold on for further upside. The 3103-3093 range is likely to appear again, presenting another buying opportunity, with a potential upside target above 3110.
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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.
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.