Gold has been experiencing significant volatility driven by fundamental factors. While bearish sentiment appears to remain dominant, the recent downside move has already priced in much of the negative risk. As such, traders should avoid an overly one-sided bearish bias in the current environment.
After bottoming out near the 2970 level, gold staged a strong rebound. During the ensuing consolidation phase, the 3010–3000 zone has provided consistent support, signaling the emergence of a short-term demand zone. This indicates that the bulls have not completely capitulated and may attempt to stage a corrective rally toward the 3050 level, or potentially even as high as 3070.
From a short-term trading perspective, we may consider initiating long positions within the 3015–3005 range, aiming for an upside target of 3050, with a possible extension toward the 3070 resistance area.
The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
After bottoming out near the 2970 level, gold staged a strong rebound. During the ensuing consolidation phase, the 3010–3000 zone has provided consistent support, signaling the emergence of a short-term demand zone. This indicates that the bulls have not completely capitulated and may attempt to stage a corrective rally toward the 3050 level, or potentially even as high as 3070.
From a short-term trading perspective, we may consider initiating long positions within the 3015–3005 range, aiming for an upside target of 3050, with a possible extension toward the 3070 resistance area.
The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
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Gold is currently falling back to the previous low. If gold builds a technical W-bottom structure here, it will be more conducive to gold rebounding, and it is even expected to rebound above 3020 again! Now is definitely a good time to buy gold!The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
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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.