Gold's Comeback: Buy the Dip or Stay Cautious?
Hello everyone! How do you think we should trade gold today?
Yesterday, gold experienced a sharp decline, but it quickly regained its bullish momentum, recovering to $2,915 at the time of writing—marking a 100+ pip rebound within the day.
In the short-term analysis, we can see that gold has broken out of the falling wedge pattern and established a new support zone, as highlighted on the charts. The price moving above the EMA 34 and 89 is a positive sign, indicating bullish momentum.
Based on my technical analysis and personal assessment, in the short term, I continue to favor a buy strategy, targeting a take-profit (TP) level at $2,940, with a stop-loss (SL) at $2,892.
What about you? What’s your outlook on gold today? Drop a comment and let’s discuss!
Yesterday, gold experienced a sharp decline, but it quickly regained its bullish momentum, recovering to $2,915 at the time of writing—marking a 100+ pip rebound within the day.
In the short-term analysis, we can see that gold has broken out of the falling wedge pattern and established a new support zone, as highlighted on the charts. The price moving above the EMA 34 and 89 is a positive sign, indicating bullish momentum.
Based on my technical analysis and personal assessment, in the short term, I continue to favor a buy strategy, targeting a take-profit (TP) level at $2,940, with a stop-loss (SL) at $2,892.
What about you? What’s your outlook on gold today? Drop a comment and let’s discuss!
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