Gold opened today around the 4437 level; after touching a low of 4424, it rebounded and rallied. Yesterday, we issued a long position recommendation in the 4435–4440 range, advising to add to the position on a retracement near 4420—a strategy that aligned well with Gold’s actual price movement. Today, we will first monitor the immediate short-term resistance overhead in the 4480–4490 zone, with a primary focus on the stronger resistance situated in the 4530–4540 range. We will continue to prioritize range-bound trading strategies.
From a 4-hour chart perspective, we will initially watch the overhead resistance at the 4530–4540 level, placing particular emphasis on the critical resistance zone between 4570 and 4580. On the downside, our primary focus will be on the support level in the 4410–4420 range. Operationally, we will proceed with a range-trading approach.
Gold Trading Strategy:
1. **Short Position:** Sell Gold in the 4470–4490 range; add to the short position on a rebound to the 4530–4540 range. Set a stop-loss at 4553. The initial target is the 4440–4450 range; if this level is breached, look for a move toward 4410.
2. **Long Position:** Buy Gold in the 4435–4440 range; add to the long position on a retracement to the 4410–4420 range. Set a stop-loss at 4393. The initial target is the 4510–4520 range; if this level is breached, look for a move toward 4530.