Today, the gold market (XAUUSD) opened at USD 3641.3 and closed at USD 3624.84, marking a fall of 0.45%. This variation indicates moderate downward pressure. Gold appears to be in a consolidation phase, oscillating between the USD 3646.92 and USD 3621.03 levels, with no clear direction. Gold traders can use MT4 indicators to confirm this consolidation and look for relevant forex signals. The close near the bottom of the daily range suggests potential weakness, but with no significant break of key levels, the trend remains undecided.
Support and resistance levels for the XAUUSD are crucial for trading strategies. Gold support is identified at 3621.03 USD, while XAUUSD resistance is at 3646.92 USD. The pivot point, calculated at (3646.92 + 3621.03 + 3624.84) / 3 = 3630.93 USD, serves as a central reference. Heritage Sentinelle can help identify these levels automatically, giving traders an edge.
1. Scalping strategy If the price stays above USD 3621.03, traders can consider taking short-term long positions, using an MT4 expert advisor to automate quick entries and exits.
2. Day trading strategy Long entry if the price exceeds USD 3630.93 with a target of USD 3646.92 and a stop-loss below USD 3621.03. For a short position, enter below 3621.03 USD with a target of 3600 USD and a stop-loss above 3630.93 USD.
3. Swing Trading Strategy Watch for a break above USD 3646.92 for long positions, or below USD 3621.03 for short positions, using an MT4 expert advisor to manage trades over several days.
The closing price of USD 3624.84, close to the low, is generating a bearish signal. Traders should watch forex alerts for gold trading signals, confirming continued selling pressure.
For a long position, a stop-loss below 3621.03 USD is recommended. For a short position, place a stop-loss above USD 3646.92. The risk/reward ratio should be carefully assessed, with risk management indicators to minimise potential losses.
Closing below the (High + Low)/2 average, at USD 3633.975, suggests a bearish short-term outlook. Gold forecasts indicate that as long as the price remains below this level, the XAUUSD trend could continue to be under pressure. Traders should remain alert to economic news that could influence future direction.
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