Gold Technical Analysis
Market Review
In early Asian trading on Monday, gold initially retreated to 4,420 before experiencing oscillating rebounds. Although the rebound was within expectations, its duration exceeded forecasts. The price has currently tested above the 10-day moving average at 4,580 without a clear breakout, suggesting unusual market sentiment.
Technical Focus
Resistance Levels
10-day MA at 4,580: A key near-term level. If the price fails to hold above it, downward pressure is expected.
4,600 level: An unexpected breakout above this level would require a reassessment of the short-term outlook.
Further Resistance: If gold closes above 4,580, next targets are 4,668 and 4,800.
Support Levels
4,500: Key near-term level to watch.
5-day MA at 4,480: Primary support zone.
Trading Strategy
Long Strategy
Consider entering longs on a pullback to the 4,490–4,500 zone.
Stop loss: $4,470
Target: Resistance at 4,550–4,580
Short Strategy
If the price rallies to 4,600, consider a light short position.
Stop loss: $4,615
Target: Down to the 4,500 level.
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