Gold trading today
Updated
The gold market was in a range-bound situation yesterday, mainly because gold tested the weekly strong support of 1900, which is not suitable for trading for bears. Despite the technical rally, the strength is limited, the large bearish trend has not changed, and continued bearish opportunities are expected.
The topside resistance zone has now reached around 1913-1317 where we can look for short opportunities. Judging by the strength of yesterday's rebound, today may fall below the strong support of 1900, further accelerating the decline.
Gold is moving down in a stepped manner, and if it gets closer to 1913 again, we should consider short opportunities. If the price breaks below 1900, it can chase the short on a slight recovery. If the US market fails to break above 1900 tonight, we need to consider the possibility of a large rally, in which case the pressure of 1913 may not be enough to curb the rally.
Focus on support 1900, resistance 1913-1917.
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