Stay Focus. Gold Hits New Highs: Monthly Close Gains Momentum.The early-session pullback turned out to be another "dip for buying" opportunity in gold's new uptrend. After retreating to a low of 3076, prices broke to new highs again, reaching an exaggerated level of 3112 as of now. The market's long-awaited dream of gold reaching 1000 is now within reach.
Given such a frenzied market right at the week's open, should traders aggressively chase the rally or short it?
First, the daily chart shows three consecutive bullish candles, clearly indicating a strong uptrend. If today's rally holds firmly above 3100, there is still room for further gains—otherwise, the opposite may occur.
On the hourly chart, the morning pullback low serves as today's key support level. If prices retreat again
Buy on dips between 3090-3100, stop loss at 3085, target 3120-3130 (upper resistance not predicted for now).