Gold encounters resistance, go short first and then go long

10 feb

Today, Monday, gold has once again reached a new historical high, with the price breaking the 2900 mark and peaking at 2910.

It’s evident that the market’s bullish sentiment remains strong, fueled by Trump’s tariff policies and the increasing demand for gold, which has driven prices even higher.

From the 4-hour chart's upward trend resistance line, the 2905-2910 area lies near the resistance zone. The chances of a direct breakout here are low, so a technical correction is likely to occur next.

Personally, I believe gold can be shorted in the 2900-2910 range. The first target is the previous high around 2880, which also aligns with the 0.618 Fibonacci retracement of this upward move. The second target is around 2870, which is a prior consolidation area and coincides with the 0.5 Fibonacci level. The support here is quite strong, so if the price reaches this level, a long position could be considered.

Here’s the strategy:

Sell at 2905-2910
TP1: 2880
TP2: 2870

Buy at 2880-2870
TP1: 2900
TP2: 2910

10 feb

Trade attivo

From the fact that the gold price rebounded to 2910 and then fell after encountering resistance, we can conclude that there is indeed strong pressure at 2910, so we can continue to keep the Sell order in the 2905-2910 area.

Now that the gold price has begun to gradually move downward, our Sell order has made a profit. I think we can continue to keep it and wait for the profit to continue to expand.