Gold's decline stalled at 3330, a key support level we're watching for in the short term. A break below this level would open up further downward pressure, necessitating a focus on the 3300 mark. A negative daily candlestick pattern would further open up downward pressure. On the upside, we're initially targeting the 3350-55 area for short-term resistance. Buy shorts immediately if the market rebounds above this level.
Upward resistance is expected around 3350-53. During the day, we'll continue to short at this level, anticipating a decline. Downward, we'll focus on the 3330 area for key support, and the 3370-75 level, a watershed between bullish and bearish strength, is crucial. Any pullback until the daily chart breaks through and holds above this level presents a short-selling opportunity. Maintain a trend-following approach.
Gold Trading Strategy:
1. Enter a short position if gold rebounds near 3350. If it rebounds only to around 3370, add to your short position. Set a stop loss at 3384 and target the 3330-3335 level. If it breaks below this level, continue to hold a bearish position.
Upward resistance is expected around 3350-53. During the day, we'll continue to short at this level, anticipating a decline. Downward, we'll focus on the 3330 area for key support, and the 3370-75 level, a watershed between bullish and bearish strength, is crucial. Any pullback until the daily chart breaks through and holds above this level presents a short-selling opportunity. Maintain a trend-following approach.
Gold Trading Strategy:
1. Enter a short position if gold rebounds near 3350. If it rebounds only to around 3370, add to your short position. Set a stop loss at 3384 and target the 3330-3335 level. If it breaks below this level, continue to hold a bearish position.
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.
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.