Gold pulled back to around 3204 earlier today, with about $2 of the lower gap still unfilled. However, dip-buying demand has kept prices from dropping further. After several attempts, the price broke through the 3218 resistance level and has now risen to the 3240 zone.
There is minor resistance around 3248–3252, with stronger resistance seen at the gap area of 3266–3272. Given that the lower gap hasn’t been fully filled, if the price pushes directly to the upper gap area, a notable pullback may occur.
Support levels to watch:
Near-term: 3236
Secondary: 3223–3216
Deeper support: Around 3202 (unfilled gap)
📌 Trading Strategy:
With no major news scheduled today, the NY session focus should be on seeking short opportunities near resistance zones. If the price rallies toward the 3266–3272 gap, consider quick short trades. Stick to a fast-in, fast-out approach. As long as risk is well managed, even initial missteps in direction can still lead to profitable exits.
There is minor resistance around 3248–3252, with stronger resistance seen at the gap area of 3266–3272. Given that the lower gap hasn’t been fully filled, if the price pushes directly to the upper gap area, a notable pullback may occur.
Support levels to watch:
Near-term: 3236
Secondary: 3223–3216
Deeper support: Around 3202 (unfilled gap)
📌 Trading Strategy:
With no major news scheduled today, the NY session focus should be on seeking short opportunities near resistance zones. If the price rallies toward the 3266–3272 gap, consider quick short trades. Stick to a fast-in, fast-out approach. As long as risk is well managed, even initial missteps in direction can still lead to profitable exits.
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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.