GOLD:sharp advance, subsequent pullback and sideways oscillation
Gold spot traded in a pattern of gapping up, surging to a record high and then oscillating lower today. During the Asian session, safe-haven buying was triggered by the U.S. imposing additional tariffs on Europe, sending prices to an intraday peak of $4,690.85 per ounce. Profit-taking then drove a pullback, with the price now consolidating around $4,660 per ounce. The bullish structure remains intact, and the core intraday tussle is centered within the 4,650–4,690 range.
Key Support & Resistance Levels:
Support Levels
4,650–4,655 (Strong Support): Confluence of intraday lows, the 5-day moving average and the lower edge of the price gap, with effective buying interest confirmed on multiple retests.
4,630–4,635 (Medium Support): Lower boundary of the consolidation range, acting as the secondary defensive level for bulls.
Resistance Levels
4,680–4,690 (Strong Resistance): Confluence of intraday highs and record high resistance; a decisive breakout requires significant volume.
4,700–4,710 (Medium Resistance): Psychological round-number level plus previous congestion zone, exerting marked downward pressure.
Trading Strategy:
Buy 4650 - 4655
SL 4645
TP 4680 - 4690 - 4700
Sell 4680 - 4685
SL 4690
TP 4655 - 4640 - 4640
Core Drivers & Risk Warnings:
Drivers: Concerns over trade wars fuel safe-haven demand; growing doubts over the Federal Reserve’s independence; debt concerns catalyze currency depreciation trades.
Risks: Overbought conditions trigger a deep pullback; de-escalation of geopolitical tensions; U.S. dollar strength.
Key Support & Resistance Levels:
Support Levels
4,650–4,655 (Strong Support): Confluence of intraday lows, the 5-day moving average and the lower edge of the price gap, with effective buying interest confirmed on multiple retests.
4,630–4,635 (Medium Support): Lower boundary of the consolidation range, acting as the secondary defensive level for bulls.
Resistance Levels
4,680–4,690 (Strong Resistance): Confluence of intraday highs and record high resistance; a decisive breakout requires significant volume.
4,700–4,710 (Medium Resistance): Psychological round-number level plus previous congestion zone, exerting marked downward pressure.
Trading Strategy:
Buy 4650 - 4655
SL 4645
TP 4680 - 4690 - 4700
Sell 4680 - 4685
SL 4690
TP 4655 - 4640 - 4640
Core Drivers & Risk Warnings:
Drivers: Concerns over trade wars fuel safe-haven demand; growing doubts over the Federal Reserve’s independence; debt concerns catalyze currency depreciation trades.
Risks: Overbought conditions trigger a deep pullback; de-escalation of geopolitical tensions; U.S. dollar strength.
Trade aktif
Our morning forecast for the gold price movement was a perfect match with the subsequent market action. The session overall saw a trend of rally, pullback and consolidation, with price action oscillating firmly within the 4650–4690 range throughout the day
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.