Gold Trading Strategy: Resistance at 2520 Reinforces Bearish Out

2024年8月22日

In my analysis yesterday, I mentioned that Gold could start correcting, and that rallies should be sold. This prediction played out as expected: after attempting to rise above the 2520 mark, the price began to decline, reaching an intraday low just below the critical 2500 level.
Although the bulls tried to regain control, they faltered again around the 2520 level, indicating a strong resistance at this point.

This suggests that a solid ceiling has formed at 2520, and further declines in Gold's price are likely.
As of now, the price is hovering just above 2500, and my strategy remains unchanged: sell during rallies.

The first target for the bears could be the support zone around 2485.
However, in my opinion, if the price decisively breaks below 2500, a more appropriate target would be 2460. This bearish outlook would be negated by a daily close above 2520.

2024年8月22日

交易進行

As expected, Gold has retraced to my sell zone.

2024年8月22日

交易進行

Gold has dropped 100 pips from my sell zone and is flirting with 2500 now.
A clear drop under this level exposes my first target at 2485

2024年8月22日

交易結束：目標達成

2485 target reached