How to trade in a range-bound market?

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Gold remains in a wide-range trading pattern, with the daily chart closing with another doji candlestick. This pattern suggests continued range-bound trading. Today's strategy is to buy low and sell high, as there is still room and demand for further declines. The key resistance level to watch today is around $4098; sell on rallies near this level.

Gold maintains its wide-range trading structure. The daily/weekly charts show a tug-of-war between bulls and bears, with moving averages converging and the price hovering around the middle Bollinger Band. Gold will soon face a directional decision. From a technical perspective, after rebounding to the $4110 high and encountering resistance, gold has fallen again in a stepped pattern, and this area remains a significant resistance zone.

Key Levels:

First Support: 4040, Second Support: 4023, Third Support: 4004

First Resistance: 4090, Second Resistance: 4108, Third Resistance: 4130

Gold Intraday Trading Strategy:

BUY: 4026-4031, SL: 4010, TP: 4050-4060;

SELL: 4095-4100, SL: 4115, TP: 4080-4070;

More Analysis →

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Trade attivo

Gold is trading in a narrow range. Buying low and selling high is a good strategy.

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Trade chiuso: obiettivo raggiunto

Support held, continued upward breakout