On the daily timeframe, gold has broken above the 2930 resistance of the previous consolidation range. Two days ago, a bullish engulfing pattern formed on the daily chart with 2880 acting as a solid support level, confirming its effectiveness. Bullish momentum remains strong, and today’s key level to watch is the historical high of 2956.31. If gold tests this resistance and fails to hold, bulls may push toward the 2960-2965 zone.
Key Levels to Watch:
2956-2960: ATH resistance zone
2941-2943: Intraday resistance zone
2930: Bullish/Bearish pivot line
2915-2917: Chip accumulation zone
2906: Key intraday short-term support
2880: Strong key support
Short-Term Trading Strategy:
For SELL: Consider entering if the price breaks below 2937. Watch 2935 for potential support; if the decline continues, keep an eye on 2932, 2928, and 2925.
For BUY: Consider entering if the price stabilizes above 2940. Watch 2942 for confirmation; if the price continues to rise, monitor 2945, 2950, and 2956.
Disclaimer: This is my personal opinion and not financial advice. Please manage your risk accordingly.