Gold has been a tough cookie to crack lately for one simple reason:
It has no clear direction.
Over the past few weeks, every attempt to break higher has failed, while every move below the 4000 figure has quickly attracted buyers.
However, yesterday may have given us an important clue.
Following the CPI report, Gold initially spiked almost 1000 pips to the upside. At first glance, it looked like the beginning of a bullish breakout.
But it wasn't.
The market tested the highs twice, failed to attract follow-through buying, and eventually gave back the entire move, dropping back to where the rally had started.
For me, that is not an encouraging sign for bulls.
Strong markets usually build on news.
Weak markets struggle to hold gains even after bullish catalysts.
There is another detail that makes me more cautious.
Gold keeps returning to the 4000 zone, almost as if the market is inviting everyone to buy.
And markets rarely make it that easy...
The more obvious a support level becomes, the greater the chance that it eventually breaks.
That is why my optimism from the past few days has started to fade.
Trading View
At this stage, the technical picture is very straightforward.
The two levels that matter are:
4000 as support
4100 as resistance
For now, I remain out of the market.
If selling pressure around 4000 continues throughout today's session, I will look for short opportunities, anticipating a break below support and a move to fresh local lows.
It has no clear direction.
Over the past few weeks, every attempt to break higher has failed, while every move below the 4000 figure has quickly attracted buyers.
However, yesterday may have given us an important clue.
Following the CPI report, Gold initially spiked almost 1000 pips to the upside. At first glance, it looked like the beginning of a bullish breakout.
But it wasn't.
The market tested the highs twice, failed to attract follow-through buying, and eventually gave back the entire move, dropping back to where the rally had started.
For me, that is not an encouraging sign for bulls.
Strong markets usually build on news.
Weak markets struggle to hold gains even after bullish catalysts.
There is another detail that makes me more cautious.
Gold keeps returning to the 4000 zone, almost as if the market is inviting everyone to buy.
And markets rarely make it that easy...
The more obvious a support level becomes, the greater the chance that it eventually breaks.
That is why my optimism from the past few days has started to fade.
Trading View
At this stage, the technical picture is very straightforward.
The two levels that matter are:
4000 as support
4100 as resistance
For now, I remain out of the market.
If selling pressure around 4000 continues throughout today's session, I will look for short opportunities, anticipating a break below support and a move to fresh local lows.
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📈 Join the FREE Forex & Gold Channel
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💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
🎯 Want More Trading Ideas?
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.