Last week's price action was mostly range-bound, characterized by sharp spikes in both directions but lacking a clear trend—challenging conditions for medium-term swing traders.
In my last two posts, I shared a moderately bullish bias and even managed a sniper entry at the NFP low. However, Gold failed to sustain upward momentum, so I opted to close the trade with a modest 100-pip profit.
Looking at the bigger picture, bulls have shown resilience around the 2620 level. Even last night’s losses were quickly reversed after the market opened, which is another encouraging sign for bullish momentum.
That said, a critical resistance level around 2655 continues to cap any medium-term uptrend. For a more substantial move—potentially 400-500 pips—this resistance must be decisively broken.
I maintain my bullish outlook and will look to enter on dips. If and when the price breaks above the 2655 resistance level, I plan to double my position to capitalize on the potential upside.
However, a daily close below 2620 would invalidate this scenario and prompt me to reassess my strategy.