Gold Prices Still Stagnant, Buy at Level 2327

Gold prices are currently still consolidating amid minimal catalysts. As a result, gold is further extending its neutral bias.

General Overview
Good day, fellow traders! The safe-haven asset gold continued to trade within a limited range on Tuesday (May 7th) yesterday. Gold prices are currently consolidating while awaiting the next important catalyst. Consequently, gold prices are further extending their neutral bias. Meanwhile, the price of Antam gold today has declined.

Analysis and Recommendations for Gold Prices Let's take a look at the levels on the H1 gold price chart below, traders. Gold prices ended yesterday's trading session around the level of 2314.

Here are some scenarios that can be used as references for trading gold today:

1. The primary scenario for trading gold today is to open a BUY position. Pay attention to the resistance zone at 2327.26, which can be used as an entry reference. With that, you can prepare a buy position in that area, shortly after finding a confirmed breakout signal. Stop Loss can be placed at the level of 2316.39, while Take Profit can be placed up to 2343.08.
   
2. The second alternative scenario is to prepare a SELL position around the support zone at 2305.93. With that, you can open a sell position if you find confirmed breakout signals and candles around that price. Stop Loss can be placed at the level of 2316.39, while Take Profit can be placed up to the level of 2286.27.
   

Always remember and understand your risks and money management before trading gold!

• R3: 2343.08
  
• R2: 2335.05
  
• R1: 2327.26
  
• Pivot: 2316.39
  
• S1: 2305.93
  
• S2: 2297.89
  
• S3: 2286.27