Gold opened today at around 4079, and after opening, there wasn’t much movement. It reached a high of 4086 before encountering resistance and pulling back. On the upside, we’ll first focus on the short-term resistance level of 4085-4090, with a key level to watch being the 4100-4115 area, a crucial support/resistance level.
Regarding the situation between the US, Israel, and Iran, a permanent ceasefire agreement seems unlikely in the short term. Therefore, we maintain a bearish outlook on gold prices.
Looking at the 4-hour chart, our short-term resistance… Pay attention to the resistance level around 4085-90, and especially the resistance level around 4100-4115. The failure to break through the 4100 level on Friday confirms that the resistance remains. Remember, the overall trend remains bearish. Therefore, it is recommended to continue with the recent strategy of selling on rallies.
Gold Trading Strategy:
1. Sell gold at 4085-4090, add to the short position on a rebound to 4108-4115, stop loss at 4123, target 4035-4040, hold if it breaks through.