Yesterday’s market saw typical range-bound trading, and we successfully capitalized on the opportunity to go long at the lower support level. Looking back at yesterday's action, the daily chart showed consecutive bearish closes, yet the price did not break to new lows; instead, it found support and rebounded near a small "double bottom" formation. However, upward momentum remained insufficient due to significant overhead resistance, causing the price to fall again after multiple failed rebound attempts. Without a catalyst from news events, gold is struggling to break out of its current trading range.



As for today, gold remains stuck in a non-directional, range-bound pattern. We will continue to trade it as such. In range trading, key reference points include the 0.618 retracement level and "double top/double bottom" formations.

1. Resistance: The "double top" zone at 4083–4088 serves as today's resistance level.

2. Support: During the Asian session, gold dipped and then recovered; the "double bottom" support lies near 4021.


It is important to note that gold is currently at the end of this consolidation phase and is poised to choose a new direction. The current fluctuations are essentially "market washing" (shaking out weak hands), and the oscillation range between $4000 and $4100 is narrowing; a breakout could occur at any moment, driven by fundamental news.

Trading Signals for Today: Go long when gold pulls back to the 4025–4035 zone; go short when it rebounds to the 4080–4090 zone.