Gold prices have extended their uptrend over the last two sessions, with the market opening gap up again during today’s Asian session. Prices moved close to the $4900 level, touching around $4896, before witnessing volatility and slight pullback.
Currently:
- are trading near $4877 per ounce
- is hovering around $4853 per ounce
The recent strength in gold is supported by geopolitical developments, particularly signs that the US and Iran may be moving toward easing tensions. However, the overall environment remains uncertain, keeping volatility elevated.
Previously, rising oil prices driven by conflict fears had increased inflation concerns globally, leading to expectations of potential interest rate hikes, generally a negative factor for non-yielding assets like gold and Silver.
Intraday Outlook
With gold trading near key resistance levels and showing signs of volatility, profit booking may emerge at higher levels. Traders can look for sell on rise opportunities for short-term trades.
Intraday Strategy
Sell Gold June Futures: $4877 – $4887
Stop Loss: $4895.40
Sell Gold Spot (XAUUSD): $4853 – $4863
Stop Loss: $4871.50
Targets
Gold June Futures:
TGT 1: $4820
TGT 2: $4810
TGT 3: $4800
Gold Spot (XAUUSD):
TGT 1: $4790
TGT 2: $4780
TGT 3: $4770
Conclusion
Given the gap-up opening and high volatility, there is a strong possibility of profit booking in the coming hours. Traders should stay alert and take advantage of selling opportunities in gold and silver with disciplined risk management.
