Gold Trading Strategy | July 7-8

3 hari lalu

✅ Key Resistance Zone: $3340–$3345
🔴 Daily Resistance: $3345 is the neckline of a typical “M-top” pattern. On July 7, gold prices surged to $3342 before quickly retreating, indicating strong selling pressure at this level. A valid breakout has not yet occurred.
🔴 4H Chart Resistance Band: The $3338–$3340 zone overlaps with both the 20-day and 60-day moving averages, forming a confluence with the daily resistance. This creates a key short-term ceiling, and unless it's broken, further upside will likely be capped.

✅ Key Support Zone: $3300–$3310
🟢 Weekly Pivot Zone: $3311 is a medium-term pivot level. A daily or weekly close below this level could confirm the start of a broader downward trend.
🟢 Psychological Support: $3300 is a major round-number support and also represents the average cost basis for many short-term long positions. On July 7, the price rebounded after touching a low of $3306, showing that buyers are still active around this level.
🟢 Major Support Band: The $3290–$3295 zone includes the 60-day moving average and previous horizontal support. A breakdown here could trigger technical selling, opening the path toward $3280–$3260.

✅ Trading Strategy
🔰 Break above $3345: Go long, target $3365–$3370, stop loss at $3330.
🔰 Break below $3295: Go short, target $3280–$3260, stop loss at $3310.
🔰 If price stays in $3300–$3340 range: Focus on selling at highs and buying at lows. Favor short-side setups unless resistance is broken. Stop loss at $3350.

✅ Gold remains within a $3300–$3340 trading range, with a short-term technical consolidation pattern. A breakout could be triggered by upcoming policy headlines or geopolitical events (e.g., trade negotiations).
✅ Suggested approach: Use a “light position + key-level stop-loss” strategy. Watch for a breakout above $3345 or a breakdown below $3295 to shift from range trading to trend-following.
✅ Bias remains bearish unless the $3345 resistance is convincingly broken. Until then, rebounds are likely to be short-lived technical corrections—prefer to sell into strength.

3 hari lalu

Dagangan aktif

✅ On the current 4-hour chart, gold prices are showing clear resistance around the 3345 level, which corresponds to a key previous resistance zone. After testing this area, prices have started to pull back, indicating persistent selling pressure from above. Although the market staged a rebound from the lows yesterday, if today's retracement is too deep, it may weaken the rebound structure and could even trigger a new round of significant correction, with the possibility of retesting the 3300 level.

✅ From a technical indicator perspective, the 4-hour MACD is still maintaining a bullish crossover (golden cross), but if prices continue to weaken, this signal may be invalidated and a bearish crossover could emerge. Such a shift would pose a notable threat to the current bullish momentum.

✅ On the hourly chart, short-term moving averages are beginning to turn downward and spread apart, while candlesticks are coming under pressure from these averages. This indicates that the short-term trend remains weak and the market is likely still in a corrective phase.

✅ It’s worth noting that signs of adjustment were already evident last night. The key technical level to watch today is 3345. If the price fails to break above and hold this level, the rebound is likely just a short-term correction, presenting an opportunity for short positions. Conversely, if gold breaks and holds above 3345, it would signal the establishment of a bottoming pattern, and bullish momentum may resume. In that case, holding onto a bearish bias would no longer be advisable.