After yesterday’s sharp drop, gold quickly rebounded, and by the end of the session, prices had returned close to the opening level. I’m not sure if anyone is currently stuck in unfavorable positions. Under normal circumstances, if your account has sufficient margin and risk tolerance, such volatility shouldn’t cause major damage. However, for those with weak positions or who bought at the top or sold at the bottom, losses may have occurred—especially common among newer traders who are often influenced by emotions.
If you are currently holding short positions and hoping to wait for a price pullback, you'll need both time and sufficient margin. Based on current candlestick patterns, gold may attempt to test the 3128–3136 resistance zone again. Whether it moves higher will depend on the strength of the bulls.
Importantly, there are several key U.S. economic data releases during the New York session today. Based on preliminary expectations, the data appears to favor the bears, which could put additional pressure on gold prices.
📉 Today’s Trading Strategy:
Sell within the 3133–3152 zone
Buy within the 3065–3032 zone
📊 Scalping/Short-Term Trades:
Be flexible in the 3128–3088 range
If you are currently holding short positions and hoping to wait for a price pullback, you'll need both time and sufficient margin. Based on current candlestick patterns, gold may attempt to test the 3128–3136 resistance zone again. Whether it moves higher will depend on the strength of the bulls.
Importantly, there are several key U.S. economic data releases during the New York session today. Based on preliminary expectations, the data appears to favor the bears, which could put additional pressure on gold prices.
📉 Today’s Trading Strategy:
Sell within the 3133–3152 zone
Buy within the 3065–3032 zone
📊 Scalping/Short-Term Trades:
Be flexible in the 3128–3088 range
Trade active
🎉 Congratulations everyone!All trades placed within the 3132–3088 and 3133–3152 ranges have hit their targets and closed with solid profits — well done!
But stay sharp — the real volatility is just ahead with the upcoming data release.
If the data is bearish for gold, we may very well see a drop below 3050 today.
⚠️ Risk comes with opportunity, so manage your positions wisely and protect those gains!
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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.
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.