Yesterday, gold moved within a narrow range, as anticipated. After rising toward the 3230 level, it encountered selling pressure and pulled back, which provided us with some profitable short-term opportunities.
Currently, gold has broken above 3240 and continues to climb steadily. A conservative estimate suggests that a push toward 3250 is achievable without much resistance. However, this is a new high, and after a rapid ascent, it’s common to see profit-taking from long positions and short sellers entering the market from the sidelines. Therefore, chasing long positions at current levels carries increased risk and should be approached with caution.
Today’s Trading Recommendations:
Sell Zone: 3255 – 3270
A potential resistance zone where short positions may be considered.
Buy Zone: 3178 – 3158
Key support area for initiating long positions if the price corrects.
Range Trading Zones:
3240 – 3220
3188 – 3220
Suitable for flexible trading strategies based on real-time price action and candlestick signals.
Summary:
While gold remains in an uptrend, the market is approaching a sensitive area where both selling pressure and volatility may increase. Be cautious with chasing highs, and focus on technical levels for strategic entries and exits. The potential for a short-term reversal or pullback remains if resistance holds strong.
Currently, gold has broken above 3240 and continues to climb steadily. A conservative estimate suggests that a push toward 3250 is achievable without much resistance. However, this is a new high, and after a rapid ascent, it’s common to see profit-taking from long positions and short sellers entering the market from the sidelines. Therefore, chasing long positions at current levels carries increased risk and should be approached with caution.
Today’s Trading Recommendations:
Sell Zone: 3255 – 3270
A potential resistance zone where short positions may be considered.
Buy Zone: 3178 – 3158
Key support area for initiating long positions if the price corrects.
Range Trading Zones:
3240 – 3220
3188 – 3220
Suitable for flexible trading strategies based on real-time price action and candlestick signals.
Summary:
While gold remains in an uptrend, the market is approaching a sensitive area where both selling pressure and volatility may increase. Be cautious with chasing highs, and focus on technical levels for strategic entries and exits. The potential for a short-term reversal or pullback remains if resistance holds strong.
Trade active
Gold has just seen a stronger-than-expected surge, breaking above our initial short zone and approaching the key psychological level of 3300!This level still acts as a strong resistance. We're selling at the current price, and planning to add more short positions in the 3308–3318 range, with a target near 3278-3258.
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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.
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.