Yesterday, gold experienced a mild pullback and found support near the 3200 level. As mentioned during intraday updates, as long as 3188 holds, it remains a good opportunity to consider buying. Currently, the price has rebounded above 3220. From the candlestick formation, the trend remains strong, and there is still room for further upside. The previous high near 3245 is likely to be tested again, and there’s potential for a move towards 3260.
However, it’s important to pay close attention to the 3230–3240 zone, which was a key area of trapped long positions from last week. This supply zone hasn’t been fully tested since the last drop, and as prices revisit this area, those looking to break even may create significant selling pressure. If this pressure leads to a rejection, we could see a sharp pullback.
Structurally, a failure to break above this resistance could signal the formation of a short-term top, presenting a tactical opportunity for the bears. Conversely, if gold manages to break and hold above 3245, short-term bullish momentum may continue, though the 3250–3270 region remains a strong resistance zone.
On the downside, if prices retreat again and break below 3188, it will likely confirm a deeper correction. Key support then shifts to the 3158–3147 range, which represents a significant medium-term support zone.
Today’s Trading Recommendations:
Sell Zone: 3250-3270 – A strong resistance area, suitable for initiating short positions for aggressive traders.
Buy Zone: 3158 - 3147 – A technical support region ideal for light long entries if price pulls back.
Range Trading: 3240 -3200 and 3178 -3220 – These zones are suitable for flexible trading strategies based on real-time momentum and price behavior.
Summary:
Gold remains in a short-term bullish trend, but significant resistance lies ahead. Caution is advised when chasing long positions at higher levels. If holding short positions from the 3230+ area, avoid emotional stop-losses—patience could offer better exit opportunities as the market corrects. A bearish setup is brewing, and once a clear direction emerges, volatility may increase rapidly. Be prepared with a solid plan in advance.
However, it’s important to pay close attention to the 3230–3240 zone, which was a key area of trapped long positions from last week. This supply zone hasn’t been fully tested since the last drop, and as prices revisit this area, those looking to break even may create significant selling pressure. If this pressure leads to a rejection, we could see a sharp pullback.
Structurally, a failure to break above this resistance could signal the formation of a short-term top, presenting a tactical opportunity for the bears. Conversely, if gold manages to break and hold above 3245, short-term bullish momentum may continue, though the 3250–3270 region remains a strong resistance zone.
On the downside, if prices retreat again and break below 3188, it will likely confirm a deeper correction. Key support then shifts to the 3158–3147 range, which represents a significant medium-term support zone.
Today’s Trading Recommendations:
Sell Zone: 3250-3270 – A strong resistance area, suitable for initiating short positions for aggressive traders.
Buy Zone: 3158 - 3147 – A technical support region ideal for light long entries if price pulls back.
Range Trading: 3240 -3200 and 3178 -3220 – These zones are suitable for flexible trading strategies based on real-time momentum and price behavior.
Summary:
Gold remains in a short-term bullish trend, but significant resistance lies ahead. Caution is advised when chasing long positions at higher levels. If holding short positions from the 3230+ area, avoid emotional stop-losses—patience could offer better exit opportunities as the market corrects. A bearish setup is brewing, and once a clear direction emerges, volatility may increase rapidly. Be prepared with a solid plan in advance.
Trade active
Good morning, everyone.
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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.