GOLD is moving in a narrow range and is limited by both ends of the range
In fact, the optimal and safest Short strategy is triggered today when Gold officially falls below $3,362 - yesterday's price bottom (can trigger Sell directly with a bearish confirmation candlestick pattern or Sell-Stop or Sell by Pullback). STP $3,370 and the price target is towards $3,353 - $3,339.
On the other hand, any price increase above $3,400 will officially cause Gold to extend its recovery momentum. The Buy strategy is similarly triggered and Markets4you's view remains the same as it has been since the beginning of the week: This increase (if any) is still limited around $3,425 and it is entirely possible to look for Short opportunities around this price level.
In addition, it is still possible to activate the Short Strategy based on the expectation of the current accumulation breakout price
The price action in the current Asian session is showing that the price is still respecting the accumulation range in the downward erosion direction. Therefore, it is completely possible to expect this recovery rally to expand to the upper Channel edge around $3,395/$3,396
It is possible to look for a Short opportunity around this price level with STP if the price increases above $3,404 and the Target is directed at $3,364 - $3,354 - $3,339 respectively
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