Market Dynamics and Gold’s Price Action:
Yesterday, the sharp declines in U.S. equities and Bitcoin significantly increased market liquidity. As a result, some investors liquidated their gold positions to reallocate capital into these markets. This shift led to a short-term decline in gold prices. However, gold found strong support at the Fibonacci 0.5 retracement level of $2,880, triggering a rebound.
In my previous analysis, I explicitly identified the $2,920–$2,930 zone as resistance, the $2,890–$2,900 range as support, and $2,880 as the final defense level. On the hourly chart, gold tested the $2,880 support three times, confirming its strength as a key level.
Trading Outlook and Strategy:
In my view, as long as critical support remains intact, deeper pullbacks typically lead to stronger rebounds. The retracement serves as a buildup of momentum for the next leg higher.
I entered a long position at $2,900 yesterday and added to my position multiple times during the pullback. Currently, all my positions are in profit. In trading, risk and opportunity go hand in hand—success depends on your ability to interpret market dynamics accurately. If you're struggling with market analysis, follow my trade signals, join my channel for real-time insights, and gain access to stable, profitable trading strategies.
Yesterday, the sharp declines in U.S. equities and Bitcoin significantly increased market liquidity. As a result, some investors liquidated their gold positions to reallocate capital into these markets. This shift led to a short-term decline in gold prices. However, gold found strong support at the Fibonacci 0.5 retracement level of $2,880, triggering a rebound.
In my previous analysis, I explicitly identified the $2,920–$2,930 zone as resistance, the $2,890–$2,900 range as support, and $2,880 as the final defense level. On the hourly chart, gold tested the $2,880 support three times, confirming its strength as a key level.
Trading Outlook and Strategy:
In my view, as long as critical support remains intact, deeper pullbacks typically lead to stronger rebounds. The retracement serves as a buildup of momentum for the next leg higher.
I entered a long position at $2,900 yesterday and added to my position multiple times during the pullback. Currently, all my positions are in profit. In trading, risk and opportunity go hand in hand—success depends on your ability to interpret market dynamics accurately. If you're struggling with market analysis, follow my trade signals, join my channel for real-time insights, and gain access to stable, profitable trading strategies.
Trade active
2910 is the high point of yesterday's rebound. There is no resistance here in theory, but the callback started here yesterday, so we have to pay attention. If this K-line cannot stand at 2910, you can consider closing the position directly to make a profit and keep the profit.Trade closed: target reached
Our long order yesterday was entered at 2900. When the gold price fell, we chose to increase our position. I made it clear that as long as the purchase price does not fall below 2880, we can continue to be bullish. Although there were some twists and turns in the middle, the result is still good. Now we have closed the position with profit. If the gold price falls again later, we will consider intervening. In addition, if the resistance range of 2920-2930 cannot be broken, we can also consider intervening in some short positions.
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👊Join the free Telegram group:
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Related publications
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.
If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
Related publications
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.