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#Gold pulled back to test the $4380 level overnight as expected. It is now getting a bounce from that area and anywhere in this zone looks a good buy IMO. I have started a long position this morning (not at the exact low of this move because I was asleep).
I have added a yellow box to show the support zone as although I normally quote $4380 as the support level, these levels are normally regions. So even though price didn't quite hit 4380, I would still count this as hitting the support. (That doesn't mean it can't drop and hit 4380 again though)
NOTE:
My plan is to now build a position and I am still open to $3900 coming so will add if it drops lower.
I'll try to write a plan for my medium term gold trade some time this week.
$GLL $GLD #metals #trading #GC
#XAUUSD
If buying pressure continues, then the following upside targets become extremely important:
📉 $4455
📉 $4478
📉 $4488
📉 $4505
📉 $4525
These are the major levels on my radar.
Gold's 4-hour RSI signals a positive reversal (Andrew Cardwell). On an advancing market, an asset forming a higher high while RSI forms a lower low, its most likely direction is upward. Friday's sell-off in my opinion is going to be short lived. Buy the dip mentality is going to come back early next week IMO...
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Finally pullback arrives following early August breakout. Gold needs to consolidate recent gains, which is part of healthy price action. I expect gold to resume uptrend late September early October. Gold could be challenging all time high before year end 2026...
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#XAUUSD
Preferred Strategy: Wait for gold to complete an ABC correction before buying.
#GOLD
Sell Reaction Zone: 4,640–4,670 (if signs of resistance appear)
Take Profit 1: 4,500; Take Profit 2: 4,380–4,410
Buy Zone 1: 4,380–4,410 (if bullish confirmation signals appear)
Take Profit 1: 4,500; Take Profit 2: 4,600; Take Profit 3: 4,640–4,670
#XAUUSD (#GOLD) 1H CHART BULLISH SETUP 📈
$GOLD is approaching a key buy zone at 4330–4310. If price holds this demand area, a bullish reversal could target 4370 first, followed by 4400.
📈 Buy Zone: 4330–4310
🎯 TP1: 4370
🎯 TP2: 4400
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Gold's 4-hour RSI suggests that sell-off in gold is engineered to shake out late buyers and not the beginning of a larger decline.
While gold formed a shallow decline, RSI fell lower that gold previous low. Such price action usually suggests imminent reversal...