Gold Trading Strategy for Today!
Hello everyone,
Today, gold is trading around $2,638, recording a slight increase of $10.
Fundamentally, the market is unresponsive to escalating tensions in the Middle East and Eastern Europe, accepting the current circumstances. China has pledged to boost financial support for its economy, which could attract new capital into the gold market.
The market is likely to trade cautiously as it prepares for a series of key labor market data from the United States later this week.
Resistance levels: 2637, 2648, 2664
Support levels: 2615, 2606, 2600
From a technical perspective, a bearish trend is forming on the 4-hour chart. Therefore, a bearish strategy remains the top priority, with any recovery attempts seen as opportunities to sell gold, targeting levels near 2600. But where do we go from here? The reaction to the 2600 area after a retest will provide us with the answer.
Today, gold is trading around $2,638, recording a slight increase of $10.
Fundamentally, the market is unresponsive to escalating tensions in the Middle East and Eastern Europe, accepting the current circumstances. China has pledged to boost financial support for its economy, which could attract new capital into the gold market.
The market is likely to trade cautiously as it prepares for a series of key labor market data from the United States later this week.
Resistance levels: 2637, 2648, 2664
Support levels: 2615, 2606, 2600
From a technical perspective, a bearish trend is forming on the 4-hour chart. Therefore, a bearish strategy remains the top priority, with any recovery attempts seen as opportunities to sell gold, targeting levels near 2600. But where do we go from here? The reaction to the 2600 area after a retest will provide us with the answer.
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✅Enter the Telegram channel to get more signals
✅8~9 VIP signals per day
✅2000pips profit per week
➡️Telegram: t.me/+xT2uUeadoeo1YTRl
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