Yesterday, Gold once again spent the session trading inside a relatively tight range, offering very little in terms of direction.
However, one thing stood out.
Once again, buyers failed to push the price above the 4100 resistance area, reinforcing the idea that sellers are still defending higher levels and that bearish pressure remains intact.
At the time of writing, Gold is sitting on an interim support zone.
If this support gives way, the market will likely retest this week's low around 3985, which remains the key downside level to watch.
So far, every recovery has lacked follow-through, while every rally has been met with selling.
Until that changes, I see no reason to fight the prevailing short-term trend.
Trading View
My outlook remains straightforward.
As long as Gold trades below the 4065 resistance zone, I continue to view the downside as the path of least resistance.
A sustained move back above that level would force me to reassess the bearish scenario.
Until then, rallies are likely to remain selling opportunities rather than the beginning of a new uptrend. 🚀
P.S: As a swing trader, I stay out!
However, one thing stood out.
Once again, buyers failed to push the price above the 4100 resistance area, reinforcing the idea that sellers are still defending higher levels and that bearish pressure remains intact.
At the time of writing, Gold is sitting on an interim support zone.
If this support gives way, the market will likely retest this week's low around 3985, which remains the key downside level to watch.
So far, every recovery has lacked follow-through, while every rally has been met with selling.
Until that changes, I see no reason to fight the prevailing short-term trend.
Trading View
My outlook remains straightforward.
As long as Gold trades below the 4065 resistance zone, I continue to view the downside as the path of least resistance.
A sustained move back above that level would force me to reassess the bearish scenario.
Until then, rallies are likely to remain selling opportunities rather than the beginning of a new uptrend. 🚀
P.S: As a swing trader, I stay out!
Trade attivo
Gold broke interim supportTrade chiuso: obiettivo raggiunto
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
🎯 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
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.