Gold prices have entered a wide range of 3330-3360.

Sep 10

Gold prices have entered a wide range of 3330-3360.

As shown in Figure 4h:

Gold prices remain strong today.

Although gold prices fell sharply yesterday due to profit-taking, they have risen again today.

The impact of news and sentiment has largely reversed.

The market has returned to volatility, and gold prices are currently holding generally high around 3650 points.

I believe gold is unlikely to break new highs today.

The market needs a buffer zone for adjustment.

Sideways trading at high levels is the most likely pattern for gold prices going forward.

Based on this:

For Wednesday's strategy, I believe we can try a short position.

Sell: 3360-3370
Stop loss: 3380
Target: 3350-

This strategy is for intraday reference only.

With the revision of non-farm payroll data, tomorrow's CPI data will be a key focus.

Gold prices are forming a converging ascending triangle pattern, and the possibility of an upside breakout remains high.
This week, there's a strong chance that gold prices will break through the 3700-3750 range.

Therefore, buying low remains the prevailing strategy.
For this reason, it's crucial to clearly identify all key support levels.
Currently, key support levels for gold are: $3640, $3625, $3600, $3580, and $3560.

We can identify a high-probability range for gold price fluctuations: $3330-3360.

Key support levels to watch: $3625-3630.

I would most likely enter a position in this range.

However, if a pullback breaks through this range, gold prices could fall to $3580-3560.

Therefore, we should closely monitor this range when entering a position.

Sep 10

Trade active

Sep 10

Trade closed: target reached

Sep 10

Note

Sep 10

Note