OPEN WEEK WILL DUMP TO 3410 OR PUMP TO 3500 ?The chart shows that gold is currently in a strong bullish trend. Price has broken above a significant supply zone, which now acts as a demand zone. The recent "BOS" (Break of Structure) confirms this bullish momentum.
Trading Strategy
1. Bullish Scenario (Primary):
Entry: Look for a pullback to the key demand zone around the 3,410–3,425 level. This is a high-probability area for a bounce.
Target: The main target for this bullish move is the new week high at 3,500 and potentially extending to 3,520.
Stop Loss: Place your stop loss below the low of the demand zone to protect your capital.
2. Bearish Scenario (Secondary):
Confirmation: A break below the demand zone at 3,410 would invalidate the primary bullish plan.
Target: If this happens, price could retrace back to the D1 Trendline around the 3,350 level.
3. Key Levels to Watch:
Support:
3,410 - 3,425: Major demand zone.
3,380: A minor support level.
3,350: The D1 Trendline.
Resistance:
3,447: Current high.
3,500: Key psychological and structural resistance level.
3,520: Final target.
Important Notes
Risk Management: Always use a proper stop loss and never risk more than 1-2% of your capital on a single trade.
Confirmation: Wait for bullish price action signals like an engulfing candle, pin bar, or double bottom on a lower timeframe before entering a long position.
Market News: Be aware of any high-impact news events that could affect the price of gold.
