📊 Market Analysis:
Yesterday’s sharp decline in gold prices suggests that geopolitical tensions may have temporarily eased, particularly regarding the ongoing conflicts and political concerns. The global environment seems slightly more stable, which could be a key factor driving the correction in gold.
From a political and trade perspective, the current price trend seems rational. However, it’s important to note that developments are still fluid, and we could see significant agreements emerge from ongoing negotiations. After the sharp drop, gold has gained some recovery momentum, filling liquidity gaps and moving back toward lower liquidity areas.
🔍 Current Outlook:
At this point, I’m still anticipating a potential rebound in gold, but sell positions might present a better risk-to-reward ratio for the time being. Yesterday’s plan, while bearish, allowed us to catch key levels for buy entries. Today, sell positions are likely to be more favorable than buying.
The price is expected to continue adjusting as we await more macroeconomic updates, particularly regarding actions by the US Federal Reserve. With the Fed avoiding external pressure from former President Trump and speculations on delayed interest rate cuts, gold might revisit the $3000/oz mark in the near future if this trend continues.
🔮 Short-Term Strategy:
For now, the focus will remain on trading in line with the market correction wave. Sell positions are likely to be more profitable, but we may still see some short-lived bounces unless strong positive macroeconomic data emerges.
💡 Key Resistance Levels:
3264
3278
3307
3328
💡 Key Support Levels:
3241
3207
3196
3172
3156
🎯 Trade Setups:
BUY SCALP:
Entry: 3196 – 3164
Stop Loss (SL): 3190
Take Profit (TP):
→ 3200 → 3204 → 3208 → 3212 → 3216 → 3220
BUY ZONE:
Entry: 3158 – 3156
Stop Loss (SL): 3152
Take Profit (TP):
→ 3162 → 3166 → 3170 → 3174 → 3178 → 3182 → 3190
SELL SCALP:
Entry: 3278 – 3280
Stop Loss (SL): 3284
Take Profit (TP):
→ 3274 → 3270 → 3266 → 3260 → 3250 → 3240
SELL ZONE:
Entry: 3328 – 3330
Stop Loss (SL): 3334
Take Profit (TP):
→ 3324 → 3320 → 3316 → 3312 → 3308 → 3300 → 3290 → 3280
📅 Key Event: CPI Announcement
Today, we’re expecting the CPI report, a key piece of economic data for the month. Though there’s not much to analyze right now, we will provide updates as soon as the data is released later today.
💼 Risk Management:
Given the volatility in the market, proper risk management is essential. Stick to your TP/SL levels to protect your account and avoid unnecessary risks.
📈 Final Thoughts:
Gold is currently facing corrections, but with geopolitical tensions easing, we could see more stability and potential breakout opportunities. Keep your trades aligned with key levels and macroeconomic news. Be mindful of CPI and adjust your strategy accordingly.
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