Gold Market Analysis - July 2, 2023
Published by Jorell Low, Dealer
Market Overview
The analysis focuses on the current bullish trend in the gold market, highlighting key price levels and trading strategies based on technical analysis.
Key Entry Price Pivot(s)
- Key Entry Price: 3293.03
- Recommended Trade: Long at 3293.03
- Stop Loss: 3247.41
- Take Profit: 3500
Alternative Trading Strategy
In the event of a price drop, an alternative strategy is proposed:
- Short Position Entry: 3247.41
- Stop Loss: 3293.03
- Take Profit: 3165.07
Technical Analysis
The price of gold has been oscillating within a defined bullish channel, consistently forming higher lows and higher highs. Currently, the price is situated in the discount region of the channel, which presents an opportunity to capitalize on the bullish momentum. The recommended long position aligns with the 61.8% Fibonacci retracement level, targeting a previous high of 3500.
Conversely, should the price breach the lower boundary of the channel, the strategy would pivot to a short position, with a target set at the support level of 3165.07, corresponding to the 38.2% Fibonacci retracement level.