Gold Price Range-Bound: $4480-$4580
Hello everyone.
Today is Tuesday (March 31st).
Question: How will gold prices move today? Has the previously mentioned “bottom triangle breakout” been confirmed?
Answer: From a technical perspective, the previous “bottom triangle breakout” is currently in a pullback confirmation and consolidation phase.
Trading Range: $4480-$4580.
Price Level: Gold prices have held the key psychological level of $4500 for several consecutive trading days, which is the first positive signal of the breakout’s validity.
Pullback Confirmation: As long as the $4500-$4520 area holds, the rebound structure remains intact.
Next Target: If the support level is confirmed, the next target for the bulls will be the psychological level of $4580-$4600, and more importantly, the 100-day moving average (approximately $4630).
Market Sentiment Cautious Ahead of Non-Farm Payrolls Data Release:
The US March non-farm payrolls report will be released this Friday (April 3). The market is inclined to wait and see, which may lead to range-bound trading for gold prices this week.
Resistance Levels: $4580-$4600
Strong Resistance Levels: $4630-$4650
Support Levels: $4520-$4500
Key Support Levels: $4470-$4450
Strong Support Levels: $4400-$4350
Q: What are the specific trading strategies for the upcoming market?
A: Considering the non-farm payrolls data release on Friday, the market may remain range-bound before the results are released. We recommend a “range-bound trading, buy on dips” strategy, using light positions and setting strict stop-loss orders.
Below are our specific reference strategies for followers:
Strategy 1: Buy on Dips (Main Strategy)
Entry Point: Focus on the $4520-$4500 area.
Target Price Levels:
First Target Price: $4580-$4600
Second Target Price: $4630
Stop Loss: Set below $4480.
Strategy Two: Short at Key Resistance Levels (Buy on Dips, Exercise Caution)
Entry Point: If gold prices rebound to the $4600-$4630 area and show signs of stagnation, a small short position can be established.
Target Price: Around $4550-$4520
Stop Loss: Set above $4650.