Enzel: Gold Oscillation Pattern Clear: Shorting as Primary Strategy, Going Long as Secondary

After market open, gold prices gradually moved upward and are now testing the previous resistance level of 5030–5040. In the short term, our focus is whether this level can be broken through.

Here's the potential price movement ahead:
If gold prices successfully break through the 5030–5040 resistance, it will continue rallying upward. The next resistance level is at 5080–5100, and further up is 5130–5150.

If it fails to break this resistance level, gold prices will likely reverse downward. At that point, we'll focus on the support level below at 4960–4970.

If even the 4960–4970 support breaks down, prices will continue toward the vicinity of 4900.
If the support holds, gold prices will oscillate back and forth within the 4960–5040 range today.

Today's trading strategy is straightforward: Shorting as the primary approach, going long as the secondary approach.
When prices rebound to around 5030–5040, you can short with targets near 4960–4970.
When prices pull back to the lower support levels, you can go long around 4970–4980.
If gold prices directly break the major range of 4960–5040, this strategy will no longer apply.

Reminder:
The above analysis is Enzel's personal sharing for reference only and does not constitute any investment advice!
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