11.3 Tuesday Gold Outlook
Gold has continued to decline recently. After falling to a new low for the year once again, it began to rebound in the early hours of the 3rd. The rebound has so far reached 3970, with short-term resistance at 3980.
The next resistance level is 4010. Support is around 3915–3900. If gold can hold this support, you may consider buying on a pullback, with a short-term bullish target of 3950–3970.
If gold stalls after retesting the 3970–3980 resistance zone, you can consider entering a short position. The upward momentum will strengthen only if the price holds firmly above 3980.
Conversely, a break below 3890 would signal the start of a new downward move.
Recommendation:
Go long at 3920–3940, targeting around 3980–4010.
Gold has continued to decline recently. After falling to a new low for the year once again, it began to rebound in the early hours of the 3rd. The rebound has so far reached 3970, with short-term resistance at 3980.
The next resistance level is 4010. Support is around 3915–3900. If gold can hold this support, you may consider buying on a pullback, with a short-term bullish target of 3950–3970.
If gold stalls after retesting the 3970–3980 resistance zone, you can consider entering a short position. The upward momentum will strengthen only if the price holds firmly above 3980.
Conversely, a break below 3890 would signal the start of a new downward move.
Recommendation:
Go long at 3920–3940, targeting around 3980–4010.