Gold Market Analysis & Trading Outlook
Gold experienced a pullback yesterday, finding strong support at the key defensive level of $2880, which led to a strong rebound. However, the price is now facing resistance again at $2920. Our long positions have already been closed for profit, and we are preparing for the next trading setup. I expect gold to go through a minor consolidation before continuing its upward movement.
On the 1H chart, the $2880-$2920 rally represents a $40 increase. Based on Fibonacci retracement levels, $2905 aligns with the 0.618 retracement, and the psychological level of $2900 coincides with the 0.5 retracement. Additionally, this zone previously acted as a consolidation low. Therefore, I believe the short-term support lies around $2900-$2905. If gold retraces to this level, it could present a solid buying opportunity.
In market trading, risk and opportunity go hand in hand. Your ability to seize opportunities depends on your market judgment. If you lack the skills to analyze the market and trade blindly, the risks will far outweigh the rewards.
I invite you to copy my trading signals or join my channel for stable signal support and consistent profits.
Gold experienced a pullback yesterday, finding strong support at the key defensive level of $2880, which led to a strong rebound. However, the price is now facing resistance again at $2920. Our long positions have already been closed for profit, and we are preparing for the next trading setup. I expect gold to go through a minor consolidation before continuing its upward movement.
On the 1H chart, the $2880-$2920 rally represents a $40 increase. Based on Fibonacci retracement levels, $2905 aligns with the 0.618 retracement, and the psychological level of $2900 coincides with the 0.5 retracement. Additionally, this zone previously acted as a consolidation low. Therefore, I believe the short-term support lies around $2900-$2905. If gold retraces to this level, it could present a solid buying opportunity.
In market trading, risk and opportunity go hand in hand. Your ability to seize opportunities depends on your market judgment. If you lack the skills to analyze the market and trade blindly, the risks will far outweigh the rewards.
I invite you to copy my trading signals or join my channel for stable signal support and consistent profits.
Trade active
We noticed that gold has just hit the 2920 resistance level several times but has failed to break through. Once it fails to stand firm, it is likely to adjust again.
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👊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.
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.