Gold- Is crucial for bulls to maintain 2480 intact
Updated
Yesterday was another relatively quiet day for gold traders, with the price fluctuating within a narrow 100-pip range and ending with an indecisive daily close.
As I mentioned in yesterday's outlook, despite the recent weeks of range-bound trading, the overall trend remains bullish, and a new all-time high is likely on the horizon.
However, for this bullish momentum to continue in the near term, the 2480 level must hold.
As shown in the posted chart, this zone has acted as both support and resistance since mid-August.
My strategy for a swing trade is to buy on dips, ideally near the 2480 level, with a target of reaching the top of the range around 2530.
As I mentioned in yesterday's outlook, despite the recent weeks of range-bound trading, the overall trend remains bullish, and a new all-time high is likely on the horizon.
However, for this bullish momentum to continue in the near term, the 2480 level must hold.
As shown in the posted chart, this zone has acted as both support and resistance since mid-August.
My strategy for a swing trade is to buy on dips, ideally near the 2480 level, with a target of reaching the top of the range around 2530.
Trade active
There is a high chance of a double bottom on the short term and a higher low.
Gold could have finished correction
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