Gold opened with a gap down today, and the downtrend continues.
Short-term traders should avoid blindly going long.
On the upside, we continue to watch the resistance around 4480-4500.
If gold rebounds and encounters resistance around 4480-4500, we can try shorting gold near this resistance level.
On the downside, we watch the support around 4430-4410.
A break below this support level would see the next support at 4380-4360, or even lower at 4350-4330.
Short-term trading strategy: Primarily shorting on rallies and buying on dips.
Gold is currently hovering around 4460; trade cautiously and wait for the right opportunity.
Short-term traders should avoid blindly going long.
On the upside, we continue to watch the resistance around 4480-4500.
If gold rebounds and encounters resistance around 4480-4500, we can try shorting gold near this resistance level.
On the downside, we watch the support around 4430-4410.
A break below this support level would see the next support at 4380-4360, or even lower at 4350-4330.
Short-term trading strategy: Primarily shorting on rallies and buying on dips.
Gold is currently hovering around 4460; trade cautiously and wait for the right opportunity.
