Gold is about to break out of the consolidation range, go long.

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Gold's range narrowed over the past few hours, reaching a high of 3755 and a low of 3735, a $20 fluctuation. After the US stock market opens, the market is expected to break out of the narrow consolidation range and rebound further. Focus on the effectiveness of the resistance level between 3755 and 3760. Long positions can be entered on a pullback to around 3735-3730.

Yesterday's bottoming out and rebound found strong support around 3720, and the current rebound low is rising. I believe the market will continue its rebound.

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Trade ist aktiv

Gold adjustment cannot go deeper. It dropped to 3720 several times yesterday, showing that the support is effective. The rebound has continued. Pay attention to the resistance of 3755-3760. If it breaks through the resistance, it will look to 3785/3790.

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Trade geschlossen: Ziel wurde erreicht

Gold prices fell before rising yesterday. While weak in the short term, the pullback has tested effective support and is unlikely to fall further unless there is a major negative event or data.

Gold is expected to rebound before the weekend close.