Gold prices initially fell below $4,000 today but rebounded during the US trading session. A significant reversal in initial jobless claims data pushed gold prices back up to approximately $4,082, reversing the overall downtrend and pushing prices back into the trading range.
Although there was an intraday rebound, gold ultimately encountered resistance and fell, with higher highs continuing to decline. The price action suggests that the daytime rebound was almost entirely driven by support from large-scale buying, i.e., support from group buying. However, the rebound was not smooth sailing; it encountered resistance and setbacks multiple times. Clearly, the overall trend for gold remains weak, with insufficient bullish confidence leading to a lack of strong buying activity. Furthermore, the overall level remains below 4,100. After all, the area around 4,100 has formed effective resistance in the short term. As long as this key resistance level of 4,100 cannot be broken, any rebound or surge could become an opportunity to short.
Currently, the effective short-term support level is located in the 4035-25 range, followed by a strong support level near 4000. The current resistance level is around 4080-90. If this area is touched again, short positions in gold can be considered. Strong resistance is at 4100. In short, today’s market remains in a volatile, weak downward trend. In terms of trading, you can wait for entry opportunities based on the aforementioned support or resistance levels. The slowdown in volatility has lengthened the market cycle, so sufficient patience is required for each entry.
Our trading today was very successful. Those who followed our trades and precisely timed the resistance levels have made substantial profits. Actions speak louder than words; you can check our historical recommendations to verify their accuracy. I focus solely on short-term trading and clear market analysis. In short-term trading, there is no market that rises or falls forever, only the right entry point at any given moment. Find the rhythm and follow the trend. This is the essence of trading. I sincerely hope everyone sees my post, and let’s work together to flexibly and steadily pursue greater profits in the ever-changing market! If you don’t yet have a gold trading plan or strategy and are seeking consistent and stable returns, please contact me.
