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Last week, gold's price movement was quite volatile, oscillating from a high of 4618 down to 4536. Several key levels during this period are worth reviewing.
The opening phase presented clear shorting opportunities. Placing short positions in the 4620-4630 range caused the price to steadily decline to around 4597 and 4593. This drop provided many traders with entry opportunities.
However, the charm of gold lies in its dual nature. During midday, signs of bullish momentum appeared near 4509, pushing the price straight up to the 4600 area, with a profit of 91 points. There was also another bullish opportunity during this period, with around 32 points of profit. Capturing these two waves indicates good control over intraday rhythm.
In the evening, gold once again demonstrated high volatility. The long target at 4596 aimed for 4620, while the short position unexpectedly dipped to 4536, resulting in a total gain of 108 points.
A noteworthy point is the trend analysis before midnight. Support was identified at 4590, suggesting a potential continuation of the bullish trend. Indeed, after a pullback, the price surged strongly, rewarding traders who had positioned themselves early.
Overall, opportunities in gold are everywhere. The key is to make precise judgments at critical support and resistance levels, avoiding blindly chasing highs or lows. The market always favors those who patiently wait and dare to act at confirmed levels.