Gold has recovered from the $4,100 region, but the rebound is approaching a major resistance zone near $4,240–4,250. For now, the move still looks corrective rather than the beginning of a new bullish trend.
The macro backdrop remains challenging. Traders are focused on US PMI releases, housing data, and upcoming inflation numbers. Strong economic data could keep the US Dollar supported and reduce the appeal of non-yielding assets like gold.
Trade Setup:
Sell Zone: $4,240 – $4,250
Stop Loss: $4,290
Take Profit 1: $4,150
Take Profit 2: $4,100
Take Profit 3: $4,080
Unless gold breaks and holds above $4,250, rallies may continue to attract selling interest.
The macro backdrop remains challenging. Traders are focused on US PMI releases, housing data, and upcoming inflation numbers. Strong economic data could keep the US Dollar supported and reduce the appeal of non-yielding assets like gold.
Trade Setup:
Sell Zone: $4,240 – $4,250
Stop Loss: $4,290
Take Profit 1: $4,150
Take Profit 2: $4,100
Take Profit 3: $4,080
Unless gold breaks and holds above $4,250, rallies may continue to attract selling interest.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.