GOLD: Focus on Selling on Rallies as Prices Approach Resistance Levels
Technical Analysis: $Gold - main 2608(GCmain)$
After a sharp decline, gold is currently trading within a high-range consolidation pattern following a rebound. The price found support at the previous low (around $3,968) and staged a corrective rally, but is now facing significant resistance at the $4,098–$4,100 range!
The trading recommendation is to focus on selling on rallies as prices approach resistance levels!
Strategy: XAUUSD Sell: 4082–4086 TP: 4060 SL: 4101
This week, the market will see a flurry of U.S. June labor market data releases (including Nonfarm Payrolls (NFP) and JOLTS job openings). If the nonfarm payrolls data comes in strong, it will reinforce expectations of a Fed rate hike and weigh on gold; the price may break below $4,000 and test deeper targets. If the data is weak, gold is likely to stage a larger-scale rebound toward the $4,120–$4,150 range. When trading, be sure to strictly set stop-loss orders and never hold losing positions blindly.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
