Gold is experiencing a sharp rally, breaking through the key support level of $3,250/oz and currently trading around $3,280/oz.
- The main drivers behind this uptrend include:
- Increased demand for safe-haven assets amid global economic uncertainty.
- Fears of a potential recession and prolonged inflationary pressures.
- If gold sustains above $3,258, it is highly likely to continue its upward move toward the psychological level of $3,300.
- Should prices break above $3,300, the next potential target could be around $3,350.
📌 However, investors are advised to closely monitor key support and resistance zones to adjust their trading strategies accordingly.
📊 Short-Term Trading Strategy
🟢 Buy
Entry Price: $3,265
Take Profit (TP): $3,300
Stop Loss (SL): $3,245
🔴 Sell
Entry Price: $3,298
Take Profit (TP): $3,270
Stop Loss (SL): $3,310
Rationale: The $3,300 area is a strong resistance level, and a short-term pullback may occur.
- The main drivers behind this uptrend include:
- Increased demand for safe-haven assets amid global economic uncertainty.
- Fears of a potential recession and prolonged inflationary pressures.
- If gold sustains above $3,258, it is highly likely to continue its upward move toward the psychological level of $3,300.
- Should prices break above $3,300, the next potential target could be around $3,350.
📌 However, investors are advised to closely monitor key support and resistance zones to adjust their trading strategies accordingly.
📊 Short-Term Trading Strategy
🟢 Buy
Entry Price: $3,265
Take Profit (TP): $3,300
Stop Loss (SL): $3,245
🔴 Sell
Entry Price: $3,298
Take Profit (TP): $3,270
Stop Loss (SL): $3,310
Rationale: The $3,300 area is a strong resistance level, and a short-term pullback may occur.
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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.