As expected, after the D1 candle showed the return of buying power, yesterday's trading session saw the price continue its upward trend and reach 3357.
Currently, the market is in an accumulation phase with a fairly wide range, fluctuating from 3328 to 3344. This is an important price zone, acting as a "sideway box" waiting for a breakout.
The priority strategy at this time is still trend trading - activated when the price breaks out of the above accumulation zone.
BUY orders will have a high probability of success if the price adjusts and retests the Support or Resistance zones that have just been broken, then forms a confirmation signal.
Meanwhile, SELL orders around resistance should only be considered a recovery strategy in an uptrend - requiring strict risk management and short-term profit expectations.
Breakout Range: 3328 – 3344
Support: 3310 – 3298
Resistance: 3368 – 3386
Currently, the market is in an accumulation phase with a fairly wide range, fluctuating from 3328 to 3344. This is an important price zone, acting as a "sideway box" waiting for a breakout.
The priority strategy at this time is still trend trading - activated when the price breaks out of the above accumulation zone.
BUY orders will have a high probability of success if the price adjusts and retests the Support or Resistance zones that have just been broken, then forms a confirmation signal.
Meanwhile, SELL orders around resistance should only be considered a recovery strategy in an uptrend - requiring strict risk management and short-term profit expectations.
Breakout Range: 3328 – 3344
Support: 3310 – 3298
Resistance: 3368 – 3386
Trade active
Gold remains sidelined near $3,350Gold prices add to the weekly recovery on Wednesday and now seem to have embarked on a consolidative theme around the $3,340-$3,350 band per troy ounce amid a firmer US Dollar and higher US yields across the board.
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JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.