Yesterday, I anticipated that gold would face a technical pullback and therefore provided two trading strategies:
Shorting gold within the range of 2950-2955.
Going long near 2920.
The result was that when I wrote the article yesterday, gold was at 2948, but by the time it was published, it had already dropped to around 2940. As a result, the first strategy was clearly missed, while the second one did not reach the entry point, as gold only dropped to a low of 2924 before bouncing back to 2950.
Today, during the Asian session, gold again pulled back, testing the 2920 support level, and has since rebounded to 2936.
From a broader trading perspective and judging the direction of gold prices, both strategies were undoubtedly correct. The only issue was that we missed the optimal entry points.
From the gold 1-hour chart, it’s clear that the market tested our designated support level and trendline at 2920 during the Asian session. The current rebound confirms this point.
Recently, the market is not only focused on the impact of economic data but also on unexpected events influencing the direction of gold prices. For instance, the audit agency representing Elon Musk has already reviewed the U.S. gold reserves and is now moving to audit the Federal Reserve. Such risk events undoubtedly raise risk sentiment, which could drive gold prices higher. Additionally, the continuous buying of gold by the world’s largest gold ETF is also a major driver for gold prices.
Clearly, in the short term, the bullish sentiment for gold is dominant. The pullback to the 2920 trendline today, followed by the rebound, signals a clear buy opportunity. Therefore, I suggest the following trading strategy for reference:
Buy at 2930
TP1: 2940
TP2: 2950
TP3: 2955
If gold retraces back to 2920, I will add to my long position.
Shorting gold within the range of 2950-2955.
Going long near 2920.
The result was that when I wrote the article yesterday, gold was at 2948, but by the time it was published, it had already dropped to around 2940. As a result, the first strategy was clearly missed, while the second one did not reach the entry point, as gold only dropped to a low of 2924 before bouncing back to 2950.
Today, during the Asian session, gold again pulled back, testing the 2920 support level, and has since rebounded to 2936.
From a broader trading perspective and judging the direction of gold prices, both strategies were undoubtedly correct. The only issue was that we missed the optimal entry points.
From the gold 1-hour chart, it’s clear that the market tested our designated support level and trendline at 2920 during the Asian session. The current rebound confirms this point.
Recently, the market is not only focused on the impact of economic data but also on unexpected events influencing the direction of gold prices. For instance, the audit agency representing Elon Musk has already reviewed the U.S. gold reserves and is now moving to audit the Federal Reserve. Such risk events undoubtedly raise risk sentiment, which could drive gold prices higher. Additionally, the continuous buying of gold by the world’s largest gold ETF is also a major driver for gold prices.
Clearly, in the short term, the bullish sentiment for gold is dominant. The pullback to the 2920 trendline today, followed by the rebound, signals a clear buy opportunity. Therefore, I suggest the following trading strategy for reference:
Buy at 2930
TP1: 2940
TP2: 2950
TP3: 2955
If gold retraces back to 2920, I will add to my long position.
Note
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Today's signal is undoubtedly accurate and clear. Gold has risen to 2940 as expected, successfully reaching our first goal. If you also follow the signal, whether you enter near 2930 or 2920, then you must make money, congratulations.At present, there will be some resistance at 2940, but I think the resistance is not large. Therefore, according to the trend of gold prices, the possibility of continuing to move upward is still very large, and there is still more than ten dollars of space above, so those who want to continue to hold long orders can continue to hold on, and those who don't want to hold on can now close their positions with profits and keep their profits.
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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.
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.