Gold has successfully broken above the critical 3030 level, at least on the shorter time frames of 30 minutes and 1 hour. It has closed above this level and is now retracing slightly, possibly to test the area again. If the price holds above this level during the London session, further upward momentum is likely. The first target could be a retest of the 3050 level, and depending on the volume during the New York session—particularly at the New York Stock Exchange's opening at 9:30 AM EST—it might even attempt to retest its all-time high.
Given this price action, the downside appears limited for now, and I wouldn't recommend shorting this market at the moment. Even though we're approaching the end of the month and quarter, when fund managers often rebalance portfolios or book profits from recent gains, the momentum currently seems firmly bullish. Shorts would only become a consideration if the price closes decisively below 3030, fails to reclaim that level, and gradually breaks below 3015. Until we see such developments, the current trend favors the bulls.
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Given this price action, the downside appears limited for now, and I wouldn't recommend shorting this market at the moment. Even though we're approaching the end of the month and quarter, when fund managers often rebalance portfolios or book profits from recent gains, the momentum currently seems firmly bullish. Shorts would only become a consideration if the price closes decisively below 3030, fails to reclaim that level, and gradually breaks below 3015. Until we see such developments, the current trend favors the bulls.
Wishing you a great day and week ahead! Don't forget to like and subscribe to my channel to keep receiving free analysis and content.
Trade active
It is playing out nicely. For those who entered with me from 3030 area, please watch out for how the price reacts at 3040. Any close above that should be able to take the price higher. You can put your position to break even if you wish, so that this trade cannot be a losing trade. Cheers!
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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.