GOLD: Upside Potential Will Open Up
Hello everyone! Today i want to share some macro analysis with you!
The current price is trading around 4,370. Although it is at a relative high for the day (up +0.95%), it encountered significant resistance after surging to around 4,397.65, leaving an upper shadow on the chart, which indicates some selling pressure above.
If the price pulls back to test the support level below and stabilizes there, accompanied by another surge in trading volume, gold is likely to test today’s high of 4,397 again. Once the price effectively breaks through the 4,400 psychological level, upside potential will open up.
Here is the strategy for the upcoming New York session: (If the price stabilizes near 4,350)
Buy: 4,345–4,350 TP: 4,380–4,385 SL: 4,330
$Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
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