Gold is trading sideways. Has it reached a high point?

On the first trading day of this week, after hitting 3247 in the early Asian session, it quickly rebounded to around 3295, and then fell back slightly. It is currently maintained at around 3285.

From the hourly chart, the Fibonacci 0.618 position of this trend from 3247 to 3297 is at 3278. The price has always been above 3278, but it has only fallen below this position in a very short time. If the retracement does not break through the 0.618 position, there is a high probability that there will be a high point in the subsequent trend.

Next, we should focus on the area around 3280. If the price always closes above 3280, then today's high point of 3297 will most likely be refreshed. If the upward trend is opened again, it is very likely to touch around 3310. 3310 is also the current 0.618 position. And it is also the top position of this hourly chart range.

Therefore, we should be cautious when shorting gold above 3280, as there is a high probability that it will reach above 3300.

Aggressive trading can rely on entering the market and going long near 3280, and the profit range is between 3300-3310.

For short strategy trading, Quaid recommends that it is safer to short when the price rebounds near 3310.