Gold has shifted from a one-way decline to range-bound trading.
Keep a close eye on the short-term range of 4025–4150; the odds of a rebound in November have clearly increased. The current setup is “consolidation within an uptrend”: favor buying dips rather than chasing highs.
The decline from May to July had already priced in expectations of a September rate hike, and this latest round of declines on December rate-hike concerns has lasted two months. There’s no need for excessive pessimism.
Key buying zone: 4040–4020
Set a stop-loss at 4000; if that level holds, there’s room for a rally.
Reduce your position near 4160–4220.
Are you currently out of the market and waiting for a pullback, or are you already on board?
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