Review of today’s publicly available trading signals
The current resistance level is at 4450-4460, with key resistance levels to watch at 4490-4500.
A sell signal was previously issued at 4455–4468, with prices dropping to a low of around 4420, yielding a maximum profit of over 300 pips for followers.
Gold showed a rally followed by a pullback on Wednesday, with strong upward movement during the Asian session giving way to selling pressure during the US session, closing with a long upper shadow on the daily candlestick. Although gold prices stood above the 5-day moving average during today’s Asian session—the first time since the decline began on March 13—the overall structure suggests significant overhead supply, casting doubt on the sustainability of the rebound.
Technical Analysis
Daily Chart:
Gold remains in a bottom consolidation phase. While the pace of the previous decline has slowed, the long upper shadow on the daily candle indicates strong resistance above, making a trend reversal unlikely in the near term.
4-Hour Chart:
Although prices have broken through the resistance zone around 4450, they have encountered significant selling pressure in the 4580–4600 region, forming a converging range-bound structure. The upper boundary resistance is near 4600. If prices fail to break above this level, downside pressure will persist. A breakout above 4600 could lead to a test of 4730; otherwise, prices will likely retrace toward lower levels.
1-Hour Chart:
The moving averages are starting to turn higher but have yet to form a bullish crossover. The overall structure shows a wave-like rally followed by signs of topping out. Near-term support lies in the 4450–4480 zone. If this area is breached, bullish momentum will weaken, and the correction could deepen.
Key Levels
Resistance: 4490–4500 (primary), 4600–4602 (key pivot)
Support: 4400–4410 4300-4320
Trading Strategy
Given clear resistance overhead and limited upside momentum, today’s strategy favors selling on rallies, with buying on dips as a secondary approach.
Short Strategy (Primary):
Consider shorting on a rebound toward 4490–4500, with a stop loss at 4525. Target the 4450–4460 area, with a lower target of 4400 if the breakdown continues.
Long Strategy (Secondary):
If prices pull back to the 4400–4410 zone and show signs of stabilization, a light long position may be considered, with a stop loss at 4380. Initial targets are 4500–4600, with a further target of 4700 on a breakout.
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