In yesterday’s article, I mentioned that gold was likely to rebound toward the 2890 level while emphasizing its significance as a key resistance. As expected, gold tested 2890, faced rejection, and then entered a period of consolidation. However, today, due to concerns over a potential U.S. economic slowdown triggered by recent economic data, risk aversion surged, leading to a strong rally in gold during the Asian session, breaking through this critical resistance zone.
With 2890 breached, the previous downtrend line is no longer valid, signaling a confirmed shift back to a bullish trend. As a result, today’s strategy focuses on buying dips to capitalize on further upside momentum.
From the 1-hour chart, we can observe a potential inverse head-and-shoulders pattern forming. If gold retests 2890 and rebounds, this pattern will be completed, significantly increasing the probability of a move back toward the historical high of 2956.
Given that 2890 has now turned from resistance into support, and after multiple tests, its strength is undeniable, a pullback to this zone is highly probable.
Today’s trade strategy is straightforward:
The 2920–2930 zone is a resistance area where we can consider short positions, targeting 2890.
Once gold reaches 2890, we will shift to buying for further upside potential.
Finally, I want to emphasize that trading strategies serve as a reference framework. However, trading requires adaptability—adjust your positions based on market dynamics rather than strictly following predefined levels and patterns.
With 2890 breached, the previous downtrend line is no longer valid, signaling a confirmed shift back to a bullish trend. As a result, today’s strategy focuses on buying dips to capitalize on further upside momentum.
From the 1-hour chart, we can observe a potential inverse head-and-shoulders pattern forming. If gold retests 2890 and rebounds, this pattern will be completed, significantly increasing the probability of a move back toward the historical high of 2956.
Given that 2890 has now turned from resistance into support, and after multiple tests, its strength is undeniable, a pullback to this zone is highly probable.
Today’s trade strategy is straightforward:
The 2920–2930 zone is a resistance area where we can consider short positions, targeting 2890.
Once gold reaches 2890, we will shift to buying for further upside potential.
Finally, I want to emphasize that trading strategies serve as a reference framework. However, trading requires adaptability—adjust your positions based on market dynamics rather than strictly following predefined levels and patterns.
If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
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🏆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.
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.