Driven by safe-haven demand, gold saw a strong one-way rally yesterday. After breaking above the 4030 resistance, price surged past 4100 and is now approaching the 4150 area. The 4150–4163 zone served as a consolidation region during the previous decline, so some selling pressure here is normal.
However, keep an eye on support at 4096–4080, with deeper support near 4050. As long as these levels hold, the overall bullish structure remains intact.
Once the selling pressure around 4150 eases, the next upside targets come in at 4185–4221, with immediate support shifting to 4166–4150.
In the near term, trading around these key levels is recommended.
One more point to note: the gap near 4090 from the previous drop has been filled, but yesterday a new gap formed at 4006–4009. This could become a psychological reference point if the U.S. government shutdown ends and the delayed economic data turns out unexpectedly bearish, or if geopolitical tensions ease and safe-haven demand declines.
However, keep an eye on support at 4096–4080, with deeper support near 4050. As long as these levels hold, the overall bullish structure remains intact.
Once the selling pressure around 4150 eases, the next upside targets come in at 4185–4221, with immediate support shifting to 4166–4150.
In the near term, trading around these key levels is recommended.
One more point to note: the gap near 4090 from the previous drop has been filled, but yesterday a new gap formed at 4006–4009. This could become a psychological reference point if the U.S. government shutdown ends and the delayed economic data turns out unexpectedly bearish, or if geopolitical tensions ease and safe-haven demand declines.
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I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.