Today, gold (XAUUSD) opened at USD 3373.54 and closed at USD 3361.49. The percentage change between opening and closing was around -0.36%, indicating slight downward pressure. Prices fluctuated in a relatively narrow range, with a high of USD 3373.54 and a low of USD 3351.99, suggesting a possible consolidation. The MT4 indicators may be showing a neutral trend, but forex signals should be watched closely for any potential changes in gold trading.
Support and resistance levels are crucial for gold trading. Gold support is around the low of USD 3351.99, while XAUUSD resistance is at the high of USD 3373.54. The pivot point, calculated as (3373.54 + 3351.99 + 3361.49) / 3, is at USD 3362.34. Heritage Sentinelle can help identify these levels automatically, making decision-making easier.
1. Scalping strategyIf the price stays above USD 3351.99, traders can consider short positions with quick gains. An MT4 expert advisor can automate this strategy to maximise efficiency.
2. Day trading strategyEntry at USD 3362.34, with an exit close to USD 3373.54 to take advantage of resistance. Use forex alerts to adjust positions in real time.
3. Swing Trading StrategyPrice action: Watch for movements around the pivot point. If the price rises above USD 3373.54, this could signal a medium-term uptrend.
The closing price of USD 3361.49, close to the pivot point, indicates neutrality. However, if the price approaches the high, this could generate bullish gold trading signals. Conversely, a close to the low could indicate bearish signals. Forex alerts are essential for capturing these opportunities.
For a long position, a stop-loss below USD 3351.99 is recommended. For a short position, place a stop-loss above USD 3373.54. The risk/reward ratio must be carefully assessed, and risk management indicators can help optimise this strategy.
If the price closes above the average (USD 3362.34), the outlook is bullish. Otherwise, a bearish trend could develop. Gold forecasts need to be adjusted according to how the XAUUSD trend develops, taking account of technical signals and market conditions.
Discover our expert MT4/MT5 indicator used by over 500 professional traders