Another Strong Start to the Week!Gold opened the week on a positive note without a significant pullback, rebounding quickly after touching a low of 3013. The overall price action remains range-bound with a bullish bias, though gold is still trading within the lower to middle Bollinger Bands. A clearer upside move may emerge once the correction phase concludes.
In the short term, resistance remains at the 3030-3040 zone. If this level holds, short positions can be considered. On the downside, key support levels to watch are 3012 and 3005, with the 3005-3000 range offering a potential buying opportunity.
Trading Strategy:
- Sell near 3030-3040resistance if it remains intact.
- Buy around the 3005-3000 support zone.
- Adopt a range-trading approach, focusing on shorting near resistance and buying near support.
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