Gold Faces Key Resistance – Opportunity or Challenge?
On the 4-hour chart of gold, the slight uptrend is maintained as the price rebounds from the support line of the ascending channel. Currently, the price is hovering around $2,639/ounce, with the upside momentum supported by the EMA 34 and EMA 89. However, the RSI shows that the upside momentum is not strong enough yet, as it has not broken above the 60 level – a sign that selling pressure may appear at the resistance zone near $2,655-2,680/ounce.
In the short term, gold may continue to test this key resistance zone. If it fails to break above, the price may return to test the support at $2,620-2,630/ounce. Meanwhile, investors are still cautious ahead of the release of the US non-farm payrolls data, which could increase volatility in the market. For me personally, price action at support and resistance zones will be the deciding factor in my trading strategy, especially when the market reacts to important economic news.
Recommended trading strategy:
Buy:
Entry: $2,630-2,635/ounce (near the support zone of the rising channel).
Target (TP): $2,655/ounce (short term), $2,680/ounce (medium term).
Stop loss (SL): $2,620/ounce.
Sell:
Entry: $2,655-2,660/ounce (if the price fails to break the resistance zone).
Target (TP): $2,635/ounce.
Stop loss (SL): $2,670/ounce.
In the short term, gold may continue to test this key resistance zone. If it fails to break above, the price may return to test the support at $2,620-2,630/ounce. Meanwhile, investors are still cautious ahead of the release of the US non-farm payrolls data, which could increase volatility in the market. For me personally, price action at support and resistance zones will be the deciding factor in my trading strategy, especially when the market reacts to important economic news.
Recommended trading strategy:
Buy:
Entry: $2,630-2,635/ounce (near the support zone of the rising channel).
Target (TP): $2,655/ounce (short term), $2,680/ounce (medium term).
Stop loss (SL): $2,620/ounce.
Sell:
Entry: $2,655-2,660/ounce (if the price fails to break the resistance zone).
Target (TP): $2,635/ounce.
Stop loss (SL): $2,670/ounce.
Join my team to access free trading signals with:
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.