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Gold – Clinging to support and waiting to strike


Gold is holding just above the $5000 support region, and this level matters. The chart pattern still leans negative, but the technical indicators have now fully unwound their overbought conditions. It feels as though Gold is waiting in the wings — like a lioness watching her prey — ready to pounce on the sellers the moment they overstep

The 9‑day and 18‑day M/As have now converged at 5135 and 5163, and Gold really does need to break above this zone to flush out the sellers and open the path toward the $5600 region.

Can we break those highs?

Under current market conditions, I don’t think so. With all eyes on Oil, Gold has been left feeling a little forgotten. Traders are fickle creatures — we chase the flavour of the month daily — but Gold is an asset, and assets are what matter in a world like this.

With global stock markets looking ready to roll over, Gold becomes the natural asset for both long‑ and short‑term traders.

Daily ranges are so tight that Pivot Points have become irrelevant, bunched together with no real meaning. This is where the trader’s eye takes over — reading the tape, feeling the flow, and waiting for Gold to break out of these flailing ranges and finally get the boost it needs.

Gold Sell Now: 5178 - 5182

SL: 5188

TP1: 5175
TP2: 4172

Gold Sell Now Again

Gold Sell Now: 5164 - 5168

SL: 5174

TP1: 5161
TP2: 4158