Gold surged overnight, marking its third consecutive day of gains and breaking through key resistance levels. Early trading saw prices hit a fresh high of 3220, driven primarily by safe-haven demand. After stabilizing near the 10-week moving average support, bullish momentum accelerated with favorable news catalysts, swiftly reclaiming lost ground and pushing to new highs.
On the 4-hour chart, Bollinger Bands are widening upward, with steady support from moving averages reinforcing the uptrend. Corrections remain brief, underscoring the strength of the current rally. While we maintain a bullish outlook for intraday trades, caution is advised as Friday’s close may trigger profit-taking. Key support levels to watch are 3185 and 3165—consider scaling into longs on pullbacks. With no clear resistance in sight and heightened volatility, tactical entry points should align with real-time price action.
Stay nimble, stay long.
On the 4-hour chart, Bollinger Bands are widening upward, with steady support from moving averages reinforcing the uptrend. Corrections remain brief, underscoring the strength of the current rally. While we maintain a bullish outlook for intraday trades, caution is advised as Friday’s close may trigger profit-taking. Key support levels to watch are 3185 and 3165—consider scaling into longs on pullbacks. With no clear resistance in sight and heightened volatility, tactical entry points should align with real-time price action.
Stay nimble, stay long.
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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.