XAUUSD Good day! Gold closed above 2635, showing solid bullish momentum fueled by panic buying. Today, it’s trading above 2650 and heading towards a high-volume zone in the 2672-2682 range. The range is quite wide and hasn’t shrunk, so gold can go either way. I'll suggest buying around 2637-2640 with a tight stop at 2630 or Selling in the 2672-2682 zone with a tight stop at 2695, targeting 2655. If neither zone comes into play today, just stay out. No trades otherwise.
XAUUSD Gold to Re-Test 2700? Gold is up today, but silver and miners (like GDX and GDXJ) are down. Why? Likely because the S&P 500 is dipping slightly, dragging the miners with it since they’re more stock-market sensitive. GDXJ are down 0.95%, more than GDX.
Gold’s strength, even with a rising USD today, signals the rally isn’t done yet. It could climb to $2,700 61.8% Fibonacci retracement. Near-term, things look bullish, with the recent breakout confirming Thursday’s bottom. However, global stocks suggest keeping this focus short-term.
After thoroughly analyzing the market today, we didn’t find any setups that met our criteria for safe and profitable trading. Our focus remains on protecting capital and waiting for clear, high-probability opportunities.
Patience is a key part of successful trading, and sometimes the best trade is no trade at all. We’ll continue monitoring the markets and be ready to act when the right moment comes. Stay tuned for tomorrow!